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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Shanghai Waigaoqiao (phase I) terminal joint venture

Date:2003-02-28     Publish:本站

An opening ceremony of the Shanghai Pudong International Container Terminals Limited (SPICT) (¤W®ü®úªF°ê»Ú¶°¸Ë½c½XÀY¦³­­¤½¥q) will be held on 1st March 2003. This is a joint venture company formed by Shanghai Waigaoqiao Free Trade Zone Stevedoring Company (¤W®ü¥~°ª¾ô«Oµ|°Ï´ä°È¤½¥q), Hutchison Ports Pudong Ltd. (©M°O´ä¤f®úªF¦³­­¤½¥q), COSCO Pacific (China) Investments Co., Ltd.(¤¤»·¤Ó¥­¬v(¤¤°ê)§ë¸ê¦³­­¤½¥q)and S. I. Infrastructure Holdings Limited (¤W¹ê°ò«Ø±±ªÑ¦³­­¤½¥q). SPICT will manage and operate Phase I of Shanghai Waigaoqiao ("Waigaoqiao Terminal (Phase I)"). The joint venture project has been approved by the authorities of the People's Republic of China.

COSCO Pacific (China) Investments Co., Ltd., a wholly owned subsidiary of COSCO Pacific Limited ("COSCO Pacific"), has invested about USD 46 million in cash for a 20% interest of SPICT. The purchase consideration is funded by internal source of fund.

Located at Waigaoqiao free trade zone area A, Waigaoqiao Terminal (Phase I) is a well-equipped container terminal in Shanghai, capable of handling larger-sized container vessels. The 3-berths terminal has a 900-metre quay length. With a land area of 500,000 m2, its yard area is about 238,000 m2. Currently there are about 12 international container liners with 16 shipping lines calling this terminal. In 2002, it handled 1.79 million TEUs, a 24% increase over 2001, representing about 21% of the aggregate throughput of container terminals in Shanghai.

In 2002, Shanghai ranked the 4th busiest port in the world with 8.61 million TEUs of containerized cargoes. Located at a competitive position in Shanghai, Waigaoqiao Terminal (Phase I) is a terminal with prosperous future. The senior management of COSCO Pacific believes that the acquisition will endorse our strategy of further strengthening our terminal business in high growth area so as to expand our market share of investments in China major hub ports in the foreseeable future.