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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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China's premier WEN Jia Bao and UK Prime Minister Tony Blair jointly announce new container terminal joint venture in Qingdao port - COSCO Pacific and A.P. Moller join Qingdao Port and P&O Ports to de

Date:2003-07-21     Publish:本站

BEIJING 21 JUL 03 - COSCO Pacific and A.P. Moller joined hands today with Qingdao Port Company (QPC) and P&O Ports to create China's largest container terminal in a new Sino-Anglo-Danish joint venture. China's Premier Wen Jia Bao and UK Prime Minister Tony Blair announced the formation of the new joint venture today in a ceremony at the Great Hall of the People in Beijing, the People's Republic of China.

The newly-expanded Qingdao Qianwan Container Terminal (QQCT), with 10 berths, a quay length of about 3,400 meters and a depot area of 2.25 million square meters, is designed to handle the world's largest container vessels with a depth alongside of up to -17.5 meters and more than 6.5 million TEUs annual handling capacity.

Captain WEI Jiafu, President of COSCO Group and Chairman of COSCO Pacific, said that the presence of Premier Wen Jia Bao and UK Prime Minister Tony Blair at the ceremony fully embodies their great attention paid toward this fruit of the win-win cooperation. Through the joint efforts of the four parties, QQCT will rapidly turn into one of the most competitive and strongest container terminal operators in China and even in the world.

P&O Group Chairman Lord Jeffrey Sterling said, "We are delighted to have Premier Wen and Prime Minister Blair both here to celebrate the Port of Qingdao's emergence among the world's leading container terminals, serving the booming international trade through China's Shandong Province. The Port of Qingdao has been experiencing a steady 10%-30% growth in international trade in recent years, with 2003 international throughput volume expected to approximate 4.0 million TEU. Having COSCO Pacific and A.P. Moller joining us as shareholders will further strengthen an already fruitful partnership."

Mr.Chang Dechuan, Chairman of Qingdao Port Company, said that with the joining of the largest liner company in the world Maersk Sealand, one of the largest shipping company in the world COSCO Group, one of the largest global container terminal investment and shipping companies P&O, the new joint venture has extremely strong foundations and greater prospects in the future.

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. APM Terminals and P&O Ports are both among the world's leading container terminal operators with more than 60 container terminals in 30 countries around the world. Qingdao Port is the 3rd largest port in Mainland China, situated beside the Yellow Sea. Moreover, the joint venture also represents a milestone of a synergistic Sino-Anglo-Danish cooperation between the international renowned companies and well-established Chinese enterprises to develop Qingdao into an international shipping center in northern China.