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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Signing of Co-management Agreement Between COSCO SHIPPING Ports Limited and Hutchison Port Holdings Trust

Date:2016-12-19     Publish:this site

 
Mr. Zhang Dayu, Deputy Managing Director of COSCO SHIPPING Ports, and Mr. Gerry Yim, Chief Executive Officer of Hutchison Port Holdings Trust signed the Agreement, as witnessed by Mr. Huang Xiaowen, Executive Vice President of China COSCO Shipping Corporation Limited, Mr. Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports and Mr. Eric Ip, Group Managing Director of Hutchison Port Holdings Limited. 

COSCO SHIPPING Ports Limited and Hutchison Port Holdings Trust wish to make the announcement that Hongkong International Terminals Limited (HIT), COSCO-HIT Terminals (Hong Kong) Limited (CHT) and Asia Container Terminals Limited (ACT) have today entered into a formal collaboration for the efficient co-management and operation of 16 berths across Terminals 4, 6, 7, 8 and 9 (together the “Combined Terminals”) at Kwai Tsing, New Territories, Hong Kong.

In a confident response to the changing dynamics of the global shipping industry, which are reflected by the emergence of new strategic alliances between shipping lines, the three companies believe that the Combined Terminals collaboration will allow for the most effective use of facilities and manpower resources. Efficiency will also  be  enhanced  under  the  new  set-up  as  one  management  team  will  be responsible for the terminals’ day-to-day operations.

This new strategic arrangement would create additional capacity by increasing flexibility in berth and yard planning among all three terminals. This timely improvement will allow the Combined Terminals to better accommodate the need of shipping alliances for enhanced service and increase the overall   competitiveness.   This   forward-looking   move   will   help   sustain   Hong Kong's position as a leading transshipment hub in the region.

The revenue and expenses from the management and operation of the facilities of the Combined Terminals will be allocated among the parties by reference to the respective designed capacity of the facilities owned by each party.

HIT owns 12 berths in Terminals 4, 6, 7 and 9 while CHT and ACT own 2 berths each in Terminal 8 East and Terminal 8 West respectively.

-Ends-

 

For the details of transaction, please refer to the announcement available in the Company’s website (http://ports.coscoshipping.com).

 

About COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports’ largest shareholder is COSCO SHIPPING Holdings  (Stock Code: 1919.hk), whose parent company, COSCO SHIPPING, is one of the largest integrated shipping enterprises in the world. COSCO SHIPPING Ports enjoys competitive advantages brought by the synergies among COSCO SHIPPING companies and the long-term support from large-scale shipping companies in China and overseas.