The Port of Oakland’s Board of Port Commissioners has approved a new lease at the port by terminal operator SSA Terminals (Oakland) running through to 2027.

According to the port, the agreement also includes options that could keep SSA at Oakland until 2042 if certain conditions are met.

“SSA is an influential player on the waterfront worldwide, and a significant presence in Oakland,” said John Driscoll, maritime director of the Port of Oakland. “This lease commitment demonstrates its belief in the port’s long-term prospects.”

Under the deal, there will be a 19-acre expansion at SSA’s Oakland International Container Terminal and SSA will purchase three new ship-to-shore cranes for the handling of containers.

“We see steady cargo growth for Oakland into the next decade,” said Ed DeNike, president of SSA Containers. “This new lease helps us plan for the future.”

SSA is already the largest marine terminal operator in Oakland and OICT is the nation’s second-busiest marine terminal, handling about 60% of the Oakland’s total containerized cargo volume.

SSA also operates Oakland’s Matson Terminal, which is included in the new lease. The operator is currently raising the height of four cranes to better handle a new class of megaships at the Port of Oakland.

The new lease binds SSA to a list of environmental commitments, including compliance with state and federal laws and the port’s Maritime Air Quality Improvement Program. Under the agreement, the terminal operator will apply for government grants to reduce emissions from cargo-handling equipment, according to the Port of Oakland.