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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Opening ceremony of Dalian Automobile Terminal Co., Ltd.

Date:2004-05-28     Publish:本站

COSCO Pacific Limited ("COSCO Pacific" or the "Company") is pleased to announce that an opening ceremony of Dalian Automobile Terminal Co., Ltd. ("Dalian Automobile Terminal" or the "Joint Venture Company") was held today in Dalian. Dalian Automobile Terminal was established by COSCO Pacific, Dalian Port Group Co., Ltd. and Nippon Yusen Kabushiki Kaisha ("NYK") on 24th January 2004. The Joint Venture Company invests to build, manage and operate an automobile terminal at Dayao Bay in Dalian. COSCO Ports (Dalian Ro-Ro) Limited, a wholly owned subsidiary of COSCO Pacific, holds 30% interest in the Joint Venture Company.

Dalian Automobile Terminal is the first automobile terminal investment of COSCO Pacific. The terminal has a quay length of 640 meters and its total land area is about 540,000m2 . It is equipped with two berths for roll-on/roll-off vessels. Its handling capacity is 600,000 vehicles per year. The terminal is expected to commence operation at the end of 2005. Total investment is about RMB 600 million (US$ 72 million).

COSCO Pacific is confident of the prosperous future of Dalian Automobile Terminal. China economic growth is expected to accelerate. Fueled by strong domestic consumption in China, the rising demand for motor vehicles provides a huge market for the automobile industry. China's total production of motors vehicles ranks as the fourth largest in the world. It will certainly benefit the automobile terminal industry while the shipping companies' demand for ro-ro services is increasing. Dalian is one of the biggest international hub ports in China. It is designated by China's government authorities as one of the major ports to handle imports of motor vehicles, respective spare parts and components.

Dalian Automobile Terminal has a very strong partnership with professional experiences in terminal operation and automobile transportation. Moreover, the successful joint venture of ro-ro shipping operation between China Ocean Shipping (Group) Company and NYK will designate its vessels to call at Dalian Automobile Terminal. It will therefore provide a stable volume of business to the terminal.

COSCO Pacific strongly believes that our investment in Dalian Automobile Terminal will further strengthen our port portfolio so as to increase our profitability and enhance our shareholders value.