US terminal holds up COSCO-OOIL deal

Concerns over the ownership of the Long Beach Container Terminal are holding up COSCO Shipping Holding’s acquisition of Orient Overseas International (OOIL), according to The Wall Street Journal (WSJ).

WSJ reported that the Committee on Foreign Investment in the US (CFIUS) is wary of the Chinese state-owned company taking control of the terminal, which is currently operated by Hong Kong’s OOIL on a long-term concession.

COSCO executives have met with CFIUS officials to cut a deal which could see the sale of the facility.