Maersk Sealand, Port of Los Angeles get closer to pier lease

The Los Angeles Board of Harbor Commissioners approved a 25-year lease with Maersk Pacific Ltd. for the 485-acre Pier 400 container terminal. If approved by the City Council, the lease will bring the world's largest shipping line to the Port of Los Angeles, which is the world's largest proprietary

Maersk Sealand and the Port have signed a memorandum of understanding signifying Marersk's initial commitment to the terminal, as told by executive director of the Port, Larry A. Keller.

"We are deeply committed to our customer service philosophy, and today's board action gives us a clear vision of where we want to guide this seaport in the future," says Keller.

The Pier 400 container terminal will be constructed over the next four years in two major phases. Phase I, which will comprise approximately 316 acres of development, including a nearly 40acre on-dock railyard, is scheduled for completion in two years.

Phase II construction will follow immediately with approximately 167 acres of additional development, and is scheduled for completion in April 2004. The total estimated construction cost of the container terminal and supporting infrastructure is $466 million.