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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific expands terminal operation in Ningbo

Date:2005-09-15     Publish:本站

COSCO Pacific Limited ("COSCO Pacific" or the"Company") announced today that it entered into a joint venture agreement with Ningbo Port Group Ltd., OOCL Terminal (Ningbo) Ltd. and SDIC Communications Co. to set up a joint venture company to develop Berth No. 7 of Beilun Container Terminal Phase 4 ("Beilun Terminal Phase 4") in Ningbo. The contracted total investment is approximately US$140 millions.

Beilun Terminal Phase 4 is equipped with a designed capacity of 400,000 TEUs. It has a total site area of about 150,000 square meters, quay length of 310 meters and water depth alongside of 15 meters. The basic construction work is expected to complete by the end of 2005.

According to the joint venture agreement, COSCO Ports (Ningbo Beilun) Limited, a wholly owned subsidiary of COSCO Pacific, owns 20% of interests of the joint venture company, with Ningbo Port Group Ltd., OOCL Terminal (Ningbo) Ltd. and SDIC Communications Co. holding 50%, 20% and 10%, respectively. The joint venture company will contribute in cash to acquire Beilun Terminal Phase 4. In addition, the joint venture company also agrees to invest into Beilun Container Terminal Phase 5 pending government approvals. Beilun Container Terminal Phase 5 is designed for 1.7 millions TEUs annual capacity with a quay length of 1,300 meters. Total investment of the project is under negotiations.

Ningbo Port is one of the largest ports in China with a total cargo throughput of 220 millions tonnes and container throughput of 4 millions TEUs in 2004, ranking second and fourth respectively among all ports in Mainland China. Ningbo Port is known as one of the fastest growing ports in China, with consecutive container throughput average annual growth of over 40% in the past five years. Ningbo Port is gifted with great growth potentials, with its hinterland being one of the most developed areas in China.

COSCO Pacific believes the joint venture will enjoy great prospects and promising investment returns. The investment in Ningbo Port will strengthen the Company's terminal portfolio and reinforce its leading position in the industry.