Port of Oakland, SSA Terminals Agree New Lease to 2027
- Business & Finance
The Port of Oakland has reached an agreement with SSA Terminals (Oakland), its largest terminal operator, to extend its lease through 2027.
The deal, which was approved on June 14, includes a 19-acre expansion at SSA’s Oakland International Container Terminal (OICT); purchase of three new ship-to-shore cranes by the terminal operator for cargo handling; and options that would extend the new lease an additional 15 years (to 2042) if certain conditions were met.
“SSA is an influential player on the waterfront worldwide, and a significant presence in Oakland,” John Driscoll, Port Maritime Director, said, adding that “this lease commitment demonstrates its belief in the port’s long-term prospects.”
The new lease binds SSA to a list of environmental commitments in Oakland. Among them the compliance with state and federal laws and the port’s Maritime Air Quality Improvement Program. Under the agreement, the terminal operator will apply for government grants to reduce emissions from cargo handling equipment.
SSA is the largest marine terminal operator in Oakland. OICT, the nation’s second-busiest marine terminal, handles about 60 percent of the port’s total containerized cargo volume. SSA also operates Oakland’s Matson Terminal, which is included in the new lease.