Friday, August 1, 2014

Ports America Buying 30 Percent of ITS

By Mark Edward Nero

Terminal operator and stevedore company Ports America said July 31 that it’s purchasing a 30-percent stake in Long Beach-based container terminal operator International Transportation Service (ITS) through a strategic partnership with Japanese transport company “K” Line.

ITS, a wholly-owned subsidiary of “K” Line, has operated container terminals in Long Beach and Tacoma for more than 40 years.

New Jersey-based Ports America is the largest terminal operator and stevedoring company in the United States, and provides stevedoring services to “K” Line in Oakland for containerships and in Jacksonville, Newark, Brunswick and Charleston for car carriers.

“We are pleased to extend our relationship with “K” Line through this investment,” Ports America President/CEO Michael Hassing said in a statement announcing the deal. “Ports America realizes the significance of innovation and the need for continued capital improvement and expansion.”

The date of the transfer is expected in late August 2014, after regulatory approvals. The two companies say that upon receiving the partnership approval, they plan to work together by introducing and utilizing Ports America’s expertise, technology and safety programs in ITS’ gate, yard and vessel operations at the Port of Long Beach.

Ports America also says its management team will apply its own business development and market growth strategies to expand the container terminal’s business.