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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Further expansion of Qingdao Qianwan Container Terminal Co., Ltd. at port of Qingdao

Date:2007-11-16     Publish:本站

Further expansion of Qingdao Qianwan Container Terminal Co., Ltd. at port of Qingdao
 

On 16th November, 2007, Qingdao Qianwan Container Terminal Co., Ltd. ("QQCT"), in which COSCO Pacific Limited ("COSCO Pacific") holds 20% interest, signed a joint venture contract with Pan Asia International Shipping Limited ("Pan-Asia"), to establish Qingdao New Qianwan Container Terminal Co., Ltd. ("QQCTN" or the "Joint Venture Company"). QQCT holds an 80% interest of QQCTN while Pan-Asia holds 20% interest of it.

QQCTN will build, operate and manage container terminals in the south bay of Qingdao Qianwan, which will be equipped with 10 berths, with a total quay length of 3,400m, depth alongside of -17m, and an annual capacity of 6 million TEUs. Total investment of the Joint Venture Company amounts to US$1 billion. New berths are being under construction and four berths are expected to commence operation by the end of 2008.

QQCT currently has 11 berths of terminal operation in the north bay of Qingdao Qianwan. Further investments in the south bay will enable it to build a well-established terminal platform linking the north and south bays together, with a total of 21 berths and 6,800m of quay length, which will be capable to handle 12.5 million TEUs per annum.

Furthermore, the establishment of the Joint Venture Company will provide rooms for QQCT and QQCTN to consolidate the terminal facilities in Qingdao Qianwan so as to enhance the efficiency of its port services, to build a comprehensive terminal platform with a cost effective structure and eventually to maximize the profitability of the terminals. The port of Qingdao will further strengthen its competitiveness while being strongly supported by shareholders of QQCT and QQCTN, with the most advanced port management experience and knowledge of the world class port operators, and substantial demand of container handling services from shipping giants. The senior management of COSCO Pacific strongly believes that QQCT and QQCTN will join hands together to build a modern and competitive terminal platform with excellent growth momentum.