Mayor Antonio Villaraigosa has extended a lease agreement with Chinese shipping company Yang Ming. The deal would extend the company's lease at the Port of Los Angeles for an additional nine years to 2030, potentially bringing in $365 million to $525 million in revenue.
In return, the Port of Los Angeles has agreed to make $122 million in improvements for the Yang Ming terminal, including updated terminals, increased rail capacity and a deepened main channel that will allow ships to reach a 53-foot depth.
China is Los Angeles' number one trading partner, representing 39.4 percent of L.A.'s total global trade numbers. The export sector supports 312,677 local production jobs and every $1 billion in new exports creates more than 6,000 good jobs for Southern Californians.
In 2012, China's total trade with the L.A. Customs District was $159,261,157,840. Yang Ming has 84 ships and an operating capacity of 346,000 20-foot shipping containers.