The Long Beach Board of Harbor Commissioners has given its approval for Mediterranean Shipping Company to take over sole control of the long-term lease of the container terminal at Pier T.

MSC, through its subsidiary Terminal Investment Limited, previously held a minority stake in the lease but will now take control from Total Terminals International, the terminal-operating company of Hanjin Shipping, which declared bankruptcy on August 31, 2016.

“This decision comes at a crucial time,” said Lori Ann Guzmán, president of the Board of Harbor Commissioners. “With all of the changes that have taken place in the shipping industry in recent years, certainty is very important. Although we regret the loss of a long-term partner in Hanjin Shipping, we look forward to the opportunities that Terminal Investment Limited, Mediterranean Shipping Company, Hyundai Merchant Marine and their 2M Alliance partners will bring to Long Beach.”

According to the port, the new agreement also involves the installation within three years of two ship-to-shore cranes that are capable of handling container vessels of up to 20,000 TEUs in capacity.

TTI signed a 25-year lease to operate the terminal in August 2002. MSC acquired a minority share of the lease in 2012.

More than a quarter of the port’s container cargo is moved through the Pier T terminal, according to the Port of Long Beach.