The Port of Oakland said it has agreed to extend its lease with SSA Terminals (Oakland), the port's largest terminal operator, through 2027. The agreement also includes an option to further extend SSA Terminals' lease at Oakland through 2042.

The deal, approved last nightby Oakland's board of port commissioners, includes a 19-acre expansion at SSA Containers' Oakland International Container Terminal (OICT), which handles 60 percent of the port's containerized volume. SSA Terminals will also buy three ship-to-shore cranes. SSA operates Oakland's Matson Terminal, which is included in the new lease.

"SSA is an influential player on the waterfront worldwide, and a significant presence in Oakland," said Port Maritime Director John Driscoll in a statement. "This lease commitment demonstrates its belief in the port's long-term prospects."

SSA, which is based in Seattle, operates in 250 locations on five continents.

Three operating companies, including SSA, lease terminal facilities from the port.