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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific invests in Dalian Port Container Terminal Co., Ltd.

Date:2004-09-08     Publish:本站

COSCO Ports (Dalian) Limited, a wholly owned subsidiary of COSCO Pacific Limited ("COSCO Pacific" or the "Company"), signed joint venture documents with Dalian Port Container Co., Ltd., PSA China Pte. Ltd. And APM Terminals Dalian Company Limited in Dalian on 25th August, 2004. The four parties agreed to establish Dalian Port Container Terminal Co., Ltd. (the"joint venture company") at the Port of Dalian in Liaoning Province, China. The joint venture company has obtained business licence from relevant regulatory authorities of Dalian Municipal Government on 7th September, 2004.

The registered capital of the joint venture company will be RMB80 million, and the total investment with amount to RMB240 million. COSCO Pacific holds 20% equity interest of the joint venture company.

The joint venture company will lease and operate two container berths in Dalian Dayaowan Phase II, which will be acquired by Dalian Port Container Co., Ltd in the first half of 2005. With the water depth alongside of 13.5 meters, a quay length of 652 meters and a total area of 250,000 square meters, the two berths are designed to handle an annual container throughput of 700,000 TEUs.

As the major container hub port in Northeastern China, the Port of Dalian has maintained continuous growth in container throughput in recent years. It recorded a throughput increase of 24% in 2003 and another 35% growth for the first half this year. With the implementation of the policy of "Revitalizing Northeastern Economy"by the Chinese Government, the joint venture company has great prospects with benefits from rapid growth in trading business.