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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Opening ceremony of Yangzhou terminal

Date:2004-03-01     Publish:本站

An opening ceremony of Yangzhou Yuan Yang International Port Co., Ltd. ("Yangzhou Terminal" or the "Joint Venture Company") was held today in Yangzhou, Jiangsu Province, the PRC. COSCO Pacific Limited ("COSCO Pacific") will hold a 51% equity interest of the Joint Venture Company by investing about RMB 126 million in cash to be funded by internal source of fund.

The other two partners of the Joint Venture Company include Yangzhou Habour Affairs Co., Ltd. and Zhangjiagang Win Hanverky Container Terminal Co., Ltd., which will hold 40% and 9% of the equity interests respectively. The Joint Venture Company owns and operates 3 berths with a berth length of 746 meters, a depth alongside of up to -11 meters and a total area of 350,000 square meters. With an annual designed handling capacity of 95,000 TEUs and 3.5 million tons of bulk and general cargoes, Yangzhou Terminal will be responsible for handling all container, bulk and general cargoes in the Port of Yangzhou. In 2003, Yangzhou Terminal has handled 136,000 TEUs of container cargoes and 5 million tons of bulk and general cargoes, including 1 million cubic meters of timber. The Joint Venture Company is expected to build a new container terminal with a berth length of 300 meters and an annual designed capacity of 200,000 TEUs.

With the investment in Yangzhou Terminal, COSCO Pacific will further strengthen its existing terminals in the Yangtze River Delta via framing up the feeder ports portfolio along the Yangtze River and enhance its market share in the region.