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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific signs JV contract of Beilun phase IV container terminal in Ningbo port

Date:2006-06-08     Publish:本站

COSCO Pacific Signs JV Contract of Beilun Phase IV Container Terminal in Ningbo Port
 

On 8th June 2006, COSCO Pacific Limited ("COSCO Pacific" or the"Company") announced that its wholly owned subsidiary, COSCO Ports (Ningbo Beilun) Limited entered into a joint venture contract with ¹çªi´ä¶°¹Î¥_¨Ú²Ä¤T¶°¸Ë½c¦³­­¤½¥q, OOCL Terminal (Ningbo) Limited and SDIC Communications Co. to set up ¹çªi»·ªF½XÀY¸gÀ禳­­¤½¥q(" Joint Venture Company") to manage and operate berth no. 7 of Beilun phase IV container terminal ("Beilun Phase IV Terminal") in Ningbo Port. COSCO Ports (Ningbo Beilun) Limited owns 20% of equity interest of the Joint Venture Company, with¹çªi´ä¶°¹Î¥_¨Ú²Ä¤T¶°¸Ë½c¦³­­¤½¥q, OOCL Terminal (Ningbo) Limited and SDIC Communications Co. holding 50%, 20% and 10%, respectively. The total investment of the Joint Venture Company will be approximately RMB780 million (approximately equivalent to US$97 million).

Beilun Phase IV Terminal is to be equipped with a designed capacity of 400,000 TEUs. It has a total yard area of about 150,000 square meters, quay length of approximately 310 meters and water depth alongside of about 15 meters. The terminal will commence its operation in the fourth quarter of this year.

The total container throughput of Ningbo Port increased by 30% to 5.2 million TEUs in 2005, ranking fourth among ports in China Mainland. For the first quarter of 2006, the container throughput grew by 38% to 1.4 million TEUs.

Ningbo Port is located at Yangtze River Delta, one of the most developed economic zones in China with prosperous future. COSCO Pacific's management believes that the investment in Ningbo Port will further strengthen the strategic location of the Company's terminal network in China.