Ocean Network Express (ONE) is acquiring a controlling interest in three container terminals in California as the five-year-old company moves forward with its investment strategies. Established in 2017 by three Japanese shipping companies, ONE said the acquisition of the interests in the terminals from its Japanese parent companies is part of its growth strategy and will safeguard access to terminal capacity in key and strategic gateways.
Under the terms of the definitive agreements reached between ONE and its parent companies, Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK), ONE will acquire a 51 percent stake in both TraPac and Yusen Terminals. In making the acquisitions ONE joins larger competitors which have also been expanding their ownership of terminals. In January, CMA CGM completed its acquisition of the Fenix Marine Services container terminal at the Port of Los Angeles, one of the largest facilities of its kind in the United States.