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| Time：
2007-11-15 |
| Cosco Pacific to seal Rotterdam port deal soon |
Cosco Pacific, an arm of China's largest shipping conglomerate, expects to invest in a container terminal in Rotterdam shortly, giving it a foothold in Europe's busiest port.
Cosco Pacific, which has been on the prowl for port acquisitions abroad, in December signed a memorandum of understanding (MOU) to jointly develop and operate the Euromax Terminal together with Europe Container Terminals ¬¬–– controlled by Hutchison Whampoa -- and three other partners.
Ken Chan, deputy managing director of the Chinese container leasing firm and port investment firm, said the company hopes to finalise the deal by the end of this year or early next year.
Under the MOU, Europe Container Terminals would hold 51 percent of the venture, with Cosco, Taiwan's Yang Ming Marine Transport, Japan's Kawasaki Kisen Kaisha and South Korea's Hanjin Shipping sharing the remainder.
The project would handle 5.6 million TEUs a year eventually.
The first phase will have an annual capacity of 2.3 million TEUs and be operational in the second half of 2008.
Cpsco Pacific may take a 20 percent stake in a container terminal venture between China's Lianyungang Port Group -- parent of Jiangsu Lianyungang Port -- and China Shipping (Group), a Lianyungang port official said earlier in the month.
Cosco Pacific has also expressed interest in participating in a $802 million expansion scheme planned by Lianyungang Port Group. After the expansion, the port would be able to handle up to 10 million TEUs a year by 2020 compared with two million TEUs now, the official added.
Chan said Cosco Pacific's total container throughput is expected to rise roughly a fifth in 2007 from 32 million TEUs last year. |
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