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COSCO SHIPPING Ports Limited
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Further increase majority stake of terminal investment in Quanzhou

Date:2007-10-29     Publish:本站

Further increase majority stake of terminal investment in Quanzhou
 

On 29th October 2007, COSCO Pacific Limited ("COSCO Pacific" or the "Company") is pleased to announce that its wholly-owned subsidiary, COSCO Ports (Quanzhou Jinjiang) Limited signed a joint venture agreement with Jinjiang Port Investment & Development Co., Ltd. and its subsidiaries ("Jinjiang Port Co.") to establish Jinjiang Pacific Ports Development Co., Ltd. (the "Joint Venture Company"). Both parties will join hands together to invest in the terminal development and the construction of new berths in Jinjiang, while the Joint Venture Company will manage and operate all the container and break bulk cargo terminals at Weitou and Shenhu in Jinjiang, and the related transportation and freight forwarding businesses as well.

The total investment of the Joint Venture Company is approximately US$99.8 million. COSCO Ports (Quanzhou Jinjiang) Limited and Jinjiang Port Co. will hold 80% and 20% of interest respectively.

Weitou and Shenhu are the major port zones in Quanzhou handling container and break bulk cargoes. One container berth in Weitou and two break bulk cargo berths in Shenhu are in operation with water depth between 7.9 meters to 10.2 meters, a total quay length of 698 meters and a total area of 420,000m2. The annual handling capacities are 300,000 TEUs and two million tonnes respectively.

The container and break bulk cargo throughput in Weitou and Shenhu were 125,000 TEUs and 869,000 tonnes during the period of first eight months in 2007 respectively. The Joint Venture Company plans to expand the terminal handling capacity by constructing a new container berth in Weitou capable to accommodate vessels of 50,000 dead weight tonnage and a break bulk cargo berth in Shenhu capable to accommodate vessels of 35,000 dead weight tonnage. While the container berth and break bulk cargo berth commence operation in 2009 and 2010 respectively, the annual handling capacity in Weitou and Shenhu will be increased to 800,000 TEUs and 4.2 million tonnes respectively.

In Quanzhou, COSCO Pacific currently holds 71.43% interest of another terminal, Quanzhou Pacific Container Terminal Co., Ltd., which commenced operation in September 2006. The terminal performed satisfactory and handled with 560,000 TEUs of containers during the first eight months of this year. While Jinjiang Pacific Ports Development Co., Ltd. is established, COSCO Pacific will simultaneously operate these two terminals mentioned above, with its berths located in four major port zones in Quanzhou, including Shihu, Xiutu, Weitou and Shenhu. These berths will handle all the container cargoes in the port of Quanzhou. It will further enhance the competitive advantages and profitability of our container terminal operation at the port of Quanzhou as we will have more rooms to manage shipping routes and enhance the efficiency of our terminal operation. We are confident that these two terminals will enjoy the benefit of substantial economic growth in Quanzhou in future.

Quanzhou port is the fourteenth largest port and the fourth largest domestic port in Mainland China in terms of volume of container throughput. During the period from January to August in 2007, the container and cargo throughput of the port were 651,000 TEUs and 39 million tonnes respectively, increased by 21.5 % and 17.8 % respectively over the same period of 2006. It is expected that the container and cargo throughput of the port will reach two million TEUs and 100 million tonnes by 2010.

Our senior management strongly believes that COSCO Pacific will further strengthen our terminal network in the southeastern coastal area. With the tremendous supports from China Ocean Shipping (Group) Company and China COSCO Holdings Company Limited, we endeavor to provide comprehensive terminal services to international liner operators so as to enhance our reputation as a terminal business flagship of COSCO Group.