LOS ANGELES, April 4 (UPI) -- The $328 million gamble by the Port of Los Angeles in building the San Pedro Bay for more shipping traffic seems to have paid off at least for now.
The project was implemented to compete with the nearby Long Beach port to attract the lucrative cargo container business, the Los Angeles report Monday.
More ships are now coming to Los Angeles, and the port also has lured Maersk Sealand with a $2 billion lease over 25 years.
The two ports share San Pedro Bay, but behind the scenes there is rivalry, the Times said. Three times in 20 years, one port has lost to the other the right to call itself the U.S. leader in handling cargo containers.
Los Angeles may currently hold the lead but Long Beach continues to be aided by deeper waters that allow it to accommodate the largest containerships.
"Los Angeles has had the advantage, but now Long Beach is coming back. It's getting to be a horse race again," says economist Jack Kyser with the Los Angeles County Economic Development Corp.
