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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Re-adjusting strategy in the Pearl River Delta, Emphasizing on developing Nansha port

Date:2005-03-23     Publish:本站

COSCO Pacific Limited ("COSCO Pacific") is planning to re-adjust its terminal development strategy in the Pearl River Delta by focusing on the development of Nansha Port.

In order to better integrate its capital and resources, COSCO Pacific signed an agreement to sell its 17.5% equity interest in Shekou Container Terminals Ltd. ("Shekou Terminals") to China Merchant Holdings (International) Company Limited for a total consideration of HK$610,000,000 on 23 March 2005. COSCO Pacific acquired 17.5% equity interest in Shekou Terminals on 25 November 2002. Since Shekou Terminal's remaining duration of operation is 14 years, COSCO Pacific decided to divest the stake. The disposal profit is expected to be booked in the first half of 2005.

To further strengthen our competitiveness in the Pearl River Delta, COSCO Pacific signed a letter of intent with Guangzhou Port Group Co., Ltd. and agreed to set up a joint venture company to operate a container terminal at Nansha Port Phase II, Guangzhou, ("Nansha Phase II Terminal"), the PRC. COSCO Pacific will have controlling stake in the terminal. Negotiations with Guangzhou Port Group Co., Ltd. is at the final stage and the contract is expected to be signed shortly. Nansha Phase II Terminal will have 6 deep-water berths in total with a quay length of 2,100 meters, a water depth alongside of 14.5 meters, which could be dredged to 17 meters, and a total area of about 2,730,000 square meters. Its annual handling capacity will be up to 4,200,000 TEUs and is expected to be operational in 2006.

As the only deep-water port in Guangzhou City, Nansha is capable of serving the fifth and the sixth generation container vessel. It has excellent geographic location, with its hinterland of Pearl River Delta as one of the most developed areas in China. Besides, Guangzhou Municipal People's Government has made it a strategy to transform Nansha into a modern coastal hub port. Thanks for the rapid domestic economic growth, improvement of industrial structure and booming manufacturing industry in Pearl River Delta, COSCO Pacific believes that the container terminal market in Pearl River Delta is encouraging and will exert all resources to develop Nansha Port into a major hub port in the region.