COSCO spends on Chinese ports
Hong Kong-listed COSCO Pacific Ltd has signed contracts to invest in southern and eastern Chinese ports, including the development of mixed-use terminals.
COSCO Pacific, a subsidiary of Chinese state-owned COSCO Group, said last Saturday that it plans to increase its overall market share in China by diversifying its terminals portfolio with the inclusion of bulk terminals in addition to the expansion of its core container ports business.
The signed agreements will see COSCO Pacific partner with state-owned Hainan Harbor & Shipping Holding Ltd to develop the Qiongbei port area at Haikou port in the southern Chinese province of Hainan.
Development plans include the construction of 19 container and multi-purpose berths with an annual handling capacity of 450,000 tewnty-foot equivalent units (TEUs), 4.2 million tonnes of cargo and 1.12 million vehicles.
The deal is part of COSCO Group's earlier-announced pledge to invest $1.3 billion in Hainan province's shipping and related industries, news reports said.
COSCO Pacific also signed agreements with state-owned Fujian Provincial Communication Transportation (Shareholding) Ltd to co-acquire a 30% stake in the Fuzhou Port Group, which operates 49 berths in the eastern province of Fujian.
This deal will allow COSCO Pacific to take part in future port developments in the province.
The Fuzhou Port Group handled 43 million tonnes of cargo last year, a 34.4% year-on-year growth.
COSCO Pacific said last month that it has set aside $777 million this year for new port investments and container-leasing capacity.
The company has been expanding its port-handling capacity in China lately, with an increasing focus on ports in second-tier Chinese coastal cities, which have greater growth potential.
COSCO Pacific, a subsidiary of Chinese state-owned COSCO Group, said last Saturday that it plans to increase its overall market share in China by diversifying its terminals portfolio with the inclusion of bulk terminals in addition to the expansion of its core container ports business.
The signed agreements will see COSCO Pacific partner with state-owned Hainan Harbor & Shipping Holding Ltd to develop the Qiongbei port area at Haikou port in the southern Chinese province of Hainan.
Development plans include the construction of 19 container and multi-purpose berths with an annual handling capacity of 450,000 tewnty-foot equivalent units (TEUs), 4.2 million tonnes of cargo and 1.12 million vehicles.
The deal is part of COSCO Group's earlier-announced pledge to invest $1.3 billion in Hainan province's shipping and related industries, news reports said.
COSCO Pacific also signed agreements with state-owned Fujian Provincial Communication Transportation (Shareholding) Ltd to co-acquire a 30% stake in the Fuzhou Port Group, which operates 49 berths in the eastern province of Fujian.
This deal will allow COSCO Pacific to take part in future port developments in the province.
The Fuzhou Port Group handled 43 million tonnes of cargo last year, a 34.4% year-on-year growth.
COSCO Pacific said last month that it has set aside $777 million this year for new port investments and container-leasing capacity.
The company has been expanding its port-handling capacity in China lately, with an increasing focus on ports in second-tier Chinese coastal cities, which have greater growth potential.
