NOL and SITC form container terminal JV in northern China
Neptune Orient Lines (NOL) has entered into an agreement with SITC Group to form a 50:50 joint venture company to build and operate a container terminal in the port of Qingdao in northern China.
The joint venture will develop a container handling facility in Qingdao in accordance with a terminal concession awarded to SITC in 2005.
Both NOL’s liner shipping arm, APL, and SITC will contribute substantial container volumes to the new facility, once it is operational.
NOL and SITC will now proceed with detailed planning and engineering work for the construction of a container terminal facility at Qingdao.
NOL Group president & CEO Thomas Held said that NOL is actively seeking to expand its network of strategic terminal assets into new geographies in response to customer demand.
“This is a significant step forward in extending our container terminal business. We are very pleased to have entered into this partnership with SITC to develop a terminal in a location that will be the future hub for our northern China operations.”
NOL Group currently operates a network of seven terminals: four on the west coast of the US (Los Angeles, Oakland, Seattle and Dutch Harbor, Alaska), two in Japan (Yokohama and Kobe), and one at Kaohsiung, Taiwan. The Group also has joint venture interests in terminals at Laem Chabang in Thailand and Ho Chi Minh City in Vietnam.
The joint venture will develop a container handling facility in Qingdao in accordance with a terminal concession awarded to SITC in 2005.
Both NOL’s liner shipping arm, APL, and SITC will contribute substantial container volumes to the new facility, once it is operational.
NOL and SITC will now proceed with detailed planning and engineering work for the construction of a container terminal facility at Qingdao.
NOL Group president & CEO Thomas Held said that NOL is actively seeking to expand its network of strategic terminal assets into new geographies in response to customer demand.
“This is a significant step forward in extending our container terminal business. We are very pleased to have entered into this partnership with SITC to develop a terminal in a location that will be the future hub for our northern China operations.”
NOL Group currently operates a network of seven terminals: four on the west coast of the US (Los Angeles, Oakland, Seattle and Dutch Harbor, Alaska), two in Japan (Yokohama and Kobe), and one at Kaohsiung, Taiwan. The Group also has joint venture interests in terminals at Laem Chabang in Thailand and Ho Chi Minh City in Vietnam.
