Posted on 12/22/2020 8:22:41 AM PST by ransomnote
It’s probably not a good idea for a country you’re fighting in a trade war to control one of your biggest ports. That’s a situation that was set to happen because of COSCO Shipping’s deal to buy Orient Overseas International Limited (OOIL) back in 2017 and President Trump starting a battle of escalating tariff hikes with China in 2018.
OOIL owns the Long Beach Container Terminal. That’s the company that operates the Long Beach Container Terminal at the Port of Long Beach. Yes, the company shares the same name as the terminal, rather than OOIL using an Orient Overseas moniker.
COSCO shipping is a Chinese state-owned company. Taking over its Hong Kong based rival OOIL means COSCO would take over Long Beach Container Terminal. You can connect those dots with the transitive property.
While the topic didn’t get much press, probably because this is the generally thought of as dull topic of international shipping we’re talking about here, the Trump Administration obviously didn’t like the idea of the Chinese government controlling the operations at one of America’s most important ports. Yes, this could fairly be classified as a national security issue.
Therefore, the U.S. government required OOIL to sell the Long Beach Container Terminal. It took some time for OOIL to find a buyer and the sale to get approval, but things are moving forward with the transaction. Though that isn’t to say the process of regulatory approval is complete.
Back in April, Chester Yung reported in the Wall Street Journal:
MORE AT LINKOrient Overseas (International) Ltd. said Tuesday that it would sell the Long Beach Container Terminal business in Southern California to a consortium led by Macquarie Infrastructure Partners for $1.78 billion.
The sale by the unit of China-based Cosco Shipping Holdings Co. is being undertaken pursuant to the National Security Agreement entered into by Orient Overseas, fellow Cosco Shipping unit Faulkner Global Holdings Ltd., the U.S. Homeland Security Department and the U.S. Justice Department last July. Under that agreement, Orient Overseas had committed to divest itself of ownership of the Long Beach Container Terminal business.
Meanwhile moslems control most ports on the east coast ....
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REally? I hadn’t heard that. WHen did that happen?
About 15 plus years ago
About 15 plus years ago
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Part of the US response to 9/11? /s
I remember the holy heck I raised with my congress rep. I was told there was nothing to worry about ....
I remember the holy heck I raised with my congress rep. I was told there was nothing to worry about ....
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I now believe Reagan was the last president we had that was actually loyal to the US and not part of what George Bush Sr. bragged about, The New World Order.
I too trusted President Reagan .... and the lamestream media hated President Reagan also .....
You mean there won’t be container loads of ordnance and AK-47s for ANTIFA and BLM on the Oakland docks?
well, that might just be a plus.
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