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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific invests in Nanjing Longtan Container Terminal

Date:2005-05-28     Publish:本站

On 28 May 2005, COSCO Pacific Limited ("COSCO Pacific" or the "Company") signed joint venture contracts with Nanjing Port Authority, Nanjing Port Co., Ltd., Shanghai Port Container Co., Ltd. and Shanghai Port Container (Macau) Co., Ltd. to establish Nanjing Longtan Container Terminal Co. Limited (the"Joint Venture") for managing and operating Longtan container terminal phase one in the Port of Nanjing ("Nanjing Longtan Terminal").

The Joint Venture has a total investment of RMB820 million (about USD98.8 million) and a registered capital of RMB474 million (about USD57.1 million), which is 57.8% of the total investment. COSCO Pacific will invest RMB168,221,520 (about USD20,267,653) for 20% of equity interest in the Joint Venture. The Company will pay the investment in cash with internal source of fund.

Nanjing Longtan Terminal has 5 berths in total with a quay length of 910 meters, a water depth alongside of 12 meters and a container yard area of 930,000 square meters. Its depot area is 208,000 square meters and the handling capacity will be 1,000,000 TEUs.

Nanjing Port is a multi-function port providing services of cargo distribution and transhipment in the Yangtze River Delta. It is also the largest inland river port and one of the major regional hub ports in China. The Joint Venture aims to expand the shipping routes of Nanjing Port and to position Nanjing Longtan Terminal as the major hub along the Yangtze River.

COSCO Pacific believes that the investment will further strengthen our terminal business and market share in the Yangtze River Delta.