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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific signed joint venture contract to develop Guangzhou Nansha Port phase two container terminal

Date:2005-12-16     Publish:本站

Subsequent to signing the framework agreement on 16 April 2005, COSCO Pacific Limited ("COSCO Pacific" or "the Company") on 16 December 2005 announced that it officially signed the joint venture contract in Guangzhou with Guangzhou Port Group Co. Ltd. to set up Guangzhou South China Oceangate Container Terminal Company Limited ("joint venture company") to build and operate Berth No. 5 to 10 of Guangzhou Nansha Port Phase Two ("Nansha Phase Two Terminal"), for a term of 30 years.

According to the contract, COSCO Pacific, through its wholly owned subsidiary COSCO Ports (Nansha) Limited, accounts for 59% equity interest in the joint venture, with the rest held by Guangzhou Port Group Co. Ltd. Total investment and the registered capital of the joint venture company are approximately RMB4.01 billion and RMB1.40 billion, respectively. Registered capital injection is expected to complete in 2 years, and the Company expects to satisfy its respective share through internal resources. Further investment requirement will be satisfied through various financing means at the joint venture level.

Officiating at the signing ceremony were Mr. LIN Shusen, Secretary of the Guangzhou City Party Committee, Mr. ZHANG Guangning, Mayor of Guangzhou, Mr. WANG Futian, Vice President of China Ocean Shipping (Group) Company and Mr. WANG Zhi, Deputy Managing Director of COSCO Pacific.

Nansha Phase Two Terminal comprises of 6 deep-water berths, namely Berth No.5 - No.10. Total quay length is 2,100 meters. Water depth alongside reaches 14.5 meters, and can be potentially dredged to 17 meters. The terminal has a total area of about 2,730,000 square meters. Its annual handling capacity amounts to 4,200,000 TEUs and is expected to be operational in the fourth quarter of 2006.

Being the only deep-water port in Guangzhou City, Nansha Port is capable of serving the fifth and the sixth generation container vessels. It has excellent geographic location, with its hinterland of the 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. In the period between January to October this year, the throughput of Nansha Port recorded 770,000 TEUs and the total throughput is expected to reach 1,000,000 TEUs for the whole year. Thanks to the rapid domestic economic growth, improvement of industrial structure and booming manufacturing industry in the Pearl River Delta, COSCO Pacific believes that Nansha Port will become a major port in the region.