COSCO to sell Long Beach terminal

Los Angeles - China’s Cosco Shipping Holdings Co. is starting the process of selling its large container terminal in Long Beach, California, the Wall Street Journal has revealed quoting sources close to the matter.

The sale, according to sources, will be completed by June 2019 and will be worth at least 1 billion dollars. US authorities insisted that COSCO must sell the terminal to a third party when it gave approval for the takeover of OOIL, the previous owner of the terminal.

The US was the last party to approve the takeover after the EU and China both gave it the green light earlier in 2018.