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To: Cboldt

Interesting story, COSCO's terminal...

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/02/23/BUGESHCVK01.DTL

"Most terminal operators at U.S. ports are foreign companies and some are owned in part by foreign governments.

APL, which manages terminals in Oakland, Los Angeles, Seattle and Alaska, is owned by the NOL Group, which is majority owned by the Singapore government.

The Chinese government owns part of a company that operates a terminal at the Port of Long Beach.

That company, Cosco Container Lines, a division of China Cosco, caused a stir similar to the current one back in 1998.

Cosco ships had been calling on the Port of Long Beach for many years, using a public terminal. In the late 1990s, it wanted to build its own terminal at the former Long Beach Naval Station, says Howard Finkel, a senior vice president with Cosco.

The deal raised national-security concerns and Congress passed a bill that effectively scuttled it.

A few years later, other tenants at the port vacated space and Cosco was able to build its own terminal, says Art Wong, public information office for the Port of Long Beach.

That terminal is operated by a joint venture between Cosco and a U.S. company, Stevedoring Services of America. "Cosco is the majority lease holder with 51 percent, says Wong."

Stevedoring Services of America is mostly a Democrat Party donor. Patty Murray's husband is big deal in the company.


83 posted on 03/08/2006 6:48:13 PM PST by mrsmith
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To: mrsmith

bttt


157 posted on 03/08/2006 7:43:52 PM PST by nopardons
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To: mrsmith
Stevedoring Services of America. "Cosco is the majority lease holder with 51 percent, says Wong." Stevedoring Services of America is mostly a Democrat Party donor. Patty Murray's husband is big deal in the company.

Great stuff. Stevedoring Services of America is a JV with COSCO, where COSCO has controlling interest.

I found it tough slogging to get to the bottom of ownership, etc. on a comprehensive basis (covering even one of the numerous affected ports), and decided not to complete the research.

Also very interesting in your post, that Congress was able to "scuttle the COSCO deal," although was not effective at keeping the Chinese compay's interests out in the long run.

211 posted on 03/09/2006 4:04:45 AM PST by Cboldt
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