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Article: Landmark Port of L.A. lease could earn millions; Japanese shipping corporation is ready to do business.
- Article from:
- Los Angeles Business Journal
- Article date:
- September 3, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Landmark Port of L.A. lease could earn millions
Los Angeles city officials are poised to approve a landmark lease with a Tokyo steamship company that may become a model for future negotiations at the Port of Los Angeles.
This week the City Council is expected to ratify the contract, worth several hundred million dollars, allowing Nippon Yusen Kaisha to use a 100-acre waterfront parcel for 25 years. The port, which collects about 65 percent of its revenues by collecting tariffs from shipping companies, has pursued NYK since September 1988, largely because it is considered a stable, rich and powerful company.
NYK, a member of the giant Mitsubishi ...