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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific signs JV contract to develop container terminal at Tianjin North port

Date:2006-06-07     Publish:本站

COSCO Pacific Signs JV Contract to Develop Container Terminal at Tianjin North Port
 

On 6 June 2006, COSCO Pacific Limited ("COSCO Pacific" or the"Company") announced that its wholly owned subsidiary, COSCO Ports (Tianjin North Basin) Limited entered into a joint venture contract with Tianjin Port (Group) Co., Limited and APM Terminals Tianjin Company Limited to set up Tianjin Port Euroasia International Container Terminal Co., Ltd. ("Joint Venture Company") to develop and operate 3 berths of a container terminal at Tianjin North Port . COSCO Ports (Tianjin North Basin) Limited owns 30% of equity interest of the Joint Venture Company, with Tianjin Port (Group) Co., Limited and APM Terminals Tianjin Company Limited holding 40% and 30%, respectively. The total investment of the Joint Venture Company will be approximately RMB3.6 billion (approximately equivalent to US$450 million).

The container terminal is to be equipped with a designed capacity of 1,800,000 TEUs. It has a total yard area of about 720,000 square meters, quay length of 1,100 meters and water depth alongside of 15.5 meters. The operation is expected to commence by 2008.

Tianjin Port is the fifth largest port in China Mainland in terms of container throughput with a compound annual growth rate of 24% in the past five years. In 2005, Tianjin Port achieved 4.8 million TEUs, representing 26% increase over 2004. The container throughput of the port is expected to achieve over 10 million TEUs in 2010.

Located in the economic zone of northern China, Tianjin Port is the gateway for the economic development of the cities of Beijing and Tianjin, and the provinces of Hebei, Shanxi and Inner Monogolia. Besides, it is also the access of international maritime trade for many inland provinces, including Henan, Sha'anxi, Gansu and Ningxia. The investment in Tianjin North Port would further enhance the Company's terminal portfolio in Bohai Rim of China Mainland.