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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Establish Tianjin Five Continents International Container Terminal Co., Ltd. for investing, managing and operating a container terminal in Dongtudi, Tianjin

Date:2003-12-24     Publish:本站

COSCO Pacific Limited (\"COSCO Pacific\") is pleased to announce that COSCO Ports (Tianjin) Limited, a wholly owned subsidiary of COSCO Pacific, signed a joint venture contract with Tianjin Port (Group) Co., Ltd., CSX World Terminals New World (Tianjin) Limited, China Shipping Terminal Development Co., Ltd. and China Merchants International Terminals (Tianjin) Limited to form a joint venture known as \"Tianjin Five Continents International Container Terminal Co., Ltd.\"(the \"JV Company\") for investing, managing and operating a container terminal in Dongtudi (\"Dongtudi Terminal\"), Tianjin, PRC.

The joint venture contract was signed at the City Hall of Tianjin Municipal Government, PRC on 23rd December 2003. Mr. DAI Xianglong, Mayor of Tianjin, witnessed the signing ceremony together with representatives from the JV partners. Among the witnesses from the senior management of China Ocean Shipping (Group) Company (\"COSCO\") included Mr. GAO Weijie, Vice President of COSCO, Mr. XU Minjie, Managing Director of Transport Division of COSCO, Mr. LIU Guoyuan, President of COSCO (Hong Kong) Group Limited and Vice Chairman of COSCO Pacific, and Mr. ZHANG Liang, Managing Director of COSCO Bulk Carrier Co., Ltd. Mr. SUN Jiakang, Vice President of COSCO (Hong Kong) Group Limited and Managing Director of COSCO Pacific signed the Joint venture contracts on behalf of COSCO Pacific.

Dongtudi Terminal has 4 berths in total with a quay length of 1,202 meters, a water depth alongside of up to 15.7 meters and a total area of about 550,000 square meters. Its designed annual handling capacity will be 1.5 million TEUs.

COSCO Pacific will invest about USD19 million of registered capital in cash with internal source of fund, for a 14% interest of the JV Company.

The Port of Tianjin is one of the hub ports in PRC, as well as one of the major foreign trade and container transportation ports in Northern China. Its compound annual growth rate of container throughput is 20% since 1990. The JV Company has very great prospects in the future.