Ports America, the largest independent marine terminal operator and stevedore company in the United States, will acquire a 30-percent stake in International Transportation Service, Inc., a wholly-owned subsidiary of “K” Line that has operated container terminals in Long Beach and Tacoma for more than 40 years.
The companies said the transaction will occur after regulatory approvals expected late in August 2014.
Ports America already provides stevedoring services to “K” Line in Oakland for containerships and in Jacksonville, Newark, Brunswick and Charleston for car carriers.
The two companies will introduce and utilize Ports America’s expertise, technology and safety programs at ITS gate, yard and vessel operations, and seek to expand its container terminal business.
"K" Line said ITS was a pioneer in providing on-dock double stack rail service to its customers and that the deal will enhance the ability of its terminals "with high operating standards, improved efficiency, quality service and cost competitiveness. This will enable ITS to handle ultra-large containerships and continuously support "K" Line's transpacific service."
ITS was established in 1971 and has operated a terminal in Long Beach, Calif., supporting “K” Line’s transpacific services for more than 40 years. Husky Terminal & Stevedoring, Inc., a wholly-owned subsidiary of ITS, was established in 1983 and has operated a terminal in Tacoma, Wash., for more than 30 years. "K" Line said the two terminals are are responding to increasing cargo movements by conducting terminal expansion construction and increasing exclusive leased land.