Cranes pick up containers from cargo ships in the Port of Los Angeles which received 2,180 vessels in 2012. A Taiwan company extended a contract with the Port of L.A. which is expected to bring in an additional $300-$500 million.
A Taiwan-based marine transport company extended its contract by nine years with the Port of Los Angeles.
"I am happy this agreement will allow the largest most modern ships to call at Yang Ming and provide cargo growth over the next 17 years," Villaraigosa said in a statement. "The Port is an economic driver for our region, and its success translates to jobs here in Los Angeles."
The Port also agreed to invest $122 million in improving the Yang Ming terminal facilities. Those changes include the construction of a new wharf and expansion of the West Basin Intermodal Container Transfer Facility.
The announcement comes as the port continues to face competition from other cities. Stephen Cheung, the Port of L.A.'s director of international development, told KPCC last week that part of the reason why it organized a May trade mission to China is because it can't risk losing its customers to other ports.
“If we wait for the next mayor to basically come up with a full plan, we don’t know whether that’s going to be three months, six months or a year before we can travel," Cheung said. "Meanwhile, other cities are going there on a regular basis to attract business. If they are able to secure a deal before us, there’s a possibility they may move their business elsewhere and not to Los Angeles, so this is something we can’t risk.”