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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Signed Joint Venture to Invest in Qingdao Qianwan

Date:2003-07-21     Publish:本站

COSCO Ports (Qianwan) Limited, a wholly owned subsidiary of COSCO Pacific Limited ("COSCO Pacific"), was pleased to announce that an agreement was signed with Qingdao Port (Group) Co., Ltd. on 18th July, 2003 in Beijing. COSCO Ports (Qianwan) Limited purchased a 20% equity interest of Qingdao Qianwan Container Terminal Co., Ltd ("The Joint Venture") from the Qingdao Port (Group) Co., Ltd. The Joint Venture runs 3 berths in Qianwan Phase Two, Qingdao, which handled roughly 800 thousand TEUs of containers in 2002.

The Joint Venture signed a new agreement today in Beijing to expand the Joint Venture to include all container terminals in Qianwan Phase Three. Qianwan Phase Three has a total of 7 berths. Among them 2 are in operation and another 2 will be completed and operational later this year. Yet another 3 more berths are expected to come on stream over the next 2 years. Upon completion of all the Phase Three construction work, the Qianwan Container Terminals, with 10 berths, a quay length of about 3,400 meters and a depot area of 2.25 million square meters, and a depth alongside of up to -17.5 meters, are designed to handle the 10,000-TEU container vessels. Its annual handling capacity will be more than 6.5 million TEUs.

COSCO Ports (Qianwan) Limited will pay about US$180 million for its investment in the 10 berths in Qianwan Phase Two and Three.

Captain WEI Jiafu, President of COSCO Group and Chairman of COSCO Pacific, said that through the joint efforts of all the parties, The Joint Venture will rapidly turn into one of the most competitive and strongest container terminal operators in China and even in the world. Captain WEI also emphasized that the port development highly depends on the supports from and business opportunities for the shipping industry. He looked forward to further strengthening the business relationship with Qingdao by exploring further potential investment opportunities in this prosperous port.

COSCO Pacific, COSCO Group's Hong Kong based listed company, is a Hang Seng Index constituent stock. With hub-port container terminal investment and operations as one of its core businesses, it now owns and operates more than 10 container terminals in Far East Asia.