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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Investments in Qiongbei port area in Hainan

Date:2007-04-20     Publish:本站

Investments in Qiongbei Port Area in Hainan
 

COSCO Pacific Limited ("COSCO Pacific" or the "Company") is pleased to announce that China Ocean Shipping (Group) Company ("COSCO Group"), the ultimate holding company of COSCO Pacific, signed an agreement with Hainan Provincial Government (海南省人民政府) to invest for the development of Qiongbei port area (瓊北港口) at Haikou port (海口港) located at the northern part of the province of Hainan (海南省) in China . Meanwhile, COSCO Group and The People's Municipal Government of Haikou (海南省海口市人民政府) entered into an agreement that COSCO Pacific will participate in establishing a joint venture company ("Joint Venture Company") with Hainan Harbor & Shipping Holding Co., Ltd. ("Hainan Harbor Ltd"), the biggest state-owned port and shipping enterprise in Hainan. COSCO Pacific is going to hold the majority stakes of the Joint Venture Company which will manage and operate the existing businesses of Hainan Harbor Ltd, and will also play an active role for the future port development in Qiongbei port area in Hainan. The signing ceremony was held at Boao (博鳌) in Hainan on 20th April 2007.

Details of the joint venture are being studied and the Joint Venture Company is expected to establish in 2007. The first phase of its port development plan for a total of nineteen berths including two container berths, seven multi-purpose berths and ten ferry terminal berths, with its annual handling capacity of 450,000 TEUs, 4,200,000 tonnes and 1,120,000 vehicles respectively. The Joint Venture Company will also participate into the development planning of Haikou port while having the exclusive rights for its related future port and terminal development projects. Investing in Qiongbei port area is a significant moving forward for the COSCO Pacific to transform its ports and terminals business model from an investment-based to a controlling rights model and from a container terminals to a diversified terminals portfolio.

Our investments in Qiongbei port area will have a promising prospect. This port area is located at Haikou which is the busiest port in the province of Hainan. This port is also the transportation hub of foreign trades and the major channel of tourists visiting Hainan. By marine transportation, it has access to most of major ports in China. Moreover, the international trades of Hainan have connections with more than 20 countries in Asia Pacific and Middle East regions. This province is renowned to have rich natural resources of trees and forests, iron ore and seafood, and supported by a well-developed manufacturing industry. It is a fast growing economic zone with GDP grew by 12.5% in 2006. We believe that the cooperation between COSCO Pacific and Hainan Harbor Ltd will play an important part of role for the economic growth and the future development of terminal and shipping industries in Hainan.