Port & Terminal News
Partners ink Qingdao JV
Wed, 23 Dec 2009
Hong Kong-listed China Merchants Holdings (CMHI) has boosted its presence in Qingdao port. CMHI subsidiary China Merchants International Container Terminal Qingdao (CM Qingdao) has entered into a 50:50 joint venture agreement with Qingdao New Qianwan Container Terminal Company (QQCTN).
The joint venture company, Qingdao Qianwan United Container Terminal, will operate and manage nine berths totalling 3,163 metres. These include four berths of Phase IV, Qianwan Harbour District of QQCTN and five berths of CM Qingdao.
The total investment of the new joint venture company is RmB6.2bn (US$911m).
CMHI hailed the deal as “a win-win situation” for all parties involved.
Dr Fu Yuning, CMHI chairman said: “With the full support from the provincial and municipal government, establishing a new joint venture company helps speeding up resources utilisation at the container terminals in Qianwan Harbour District of Qingdao Port, consolidating the ports network, mapping out a comprehensive and constructive plan, enhancing efficiency and effectiveness with adequate and advanced auxiliaries at the terminals, thereby further augmenting Qingdao Port’s competitiveness whilst building ‘Northeast Asia International Maritime Centre’, which stand CMHI in good stead to maintain its steady growth in the future.
“We, the joint venture parties, will continue to strengthen our partnership and work together toward a prosperous future.”
The joint venture company, Qingdao Qianwan United Container Terminal, will operate and manage nine berths totalling 3,163 metres. These include four berths of Phase IV, Qianwan Harbour District of QQCTN and five berths of CM Qingdao.
The total investment of the new joint venture company is RmB6.2bn (US$911m).
CMHI hailed the deal as “a win-win situation” for all parties involved.
Dr Fu Yuning, CMHI chairman said: “With the full support from the provincial and municipal government, establishing a new joint venture company helps speeding up resources utilisation at the container terminals in Qianwan Harbour District of Qingdao Port, consolidating the ports network, mapping out a comprehensive and constructive plan, enhancing efficiency and effectiveness with adequate and advanced auxiliaries at the terminals, thereby further augmenting Qingdao Port’s competitiveness whilst building ‘Northeast Asia International Maritime Centre’, which stand CMHI in good stead to maintain its steady growth in the future.
“We, the joint venture parties, will continue to strengthen our partnership and work together toward a prosperous future.”
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