MOL and Brookfield agree strategic alliance

As the first step, MOL will transfer a 49% stake of its subsidiary International Transportation Inc. (ITI), the holding company of TraPac LLC.  The shares will be held by a Brookfield-operated fund, which will result in ITI and TraPac being positioned as core companies of the MOL-Brookfield alliance.

TraPac was established in 1985 as a wholly owned subsidiary of MOL to operate a competitive container terminal in the Port of Los Angeles in1987, MOL’s key containership service area.  The facility in Oakland opened in 1990, while in 2009 the company opened a terminal in Jacksonville, Florida, to serve the US East Coast.

TraPac was among the first to make full use of information technology to boost terminal operating efficiency.  Between now and March this year, the Los Angeles terminal will become the first such facility on the West Coast to introduce automation of loading/unloading operations.