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Hutchison captures more Shanghai terminal berths.
(From Lloyds List)
Byline: Sam Chambers in Hong Kong
HUTCHISON Port Holdings has cemented its position as the leading foreign container terminal operator in Shanghai by grabbing another four berths in a joint venture with the commercial arm of the port authority, Shanghai International Port (Group).
The 50-50 venture is for the keenly anticipated fifth phase of Shanghai Waigaoqiao. The newly formed company, Shanghai Mingdong Container Terminals, has a paid-in capital of Yuan4bn ($480m) and the agreement lasts for 50 years.
Group managing director of HPH, John Meredith said: 'HPH is pleased to team up once again with SIPG to spearhead the development of WGQ Phase V into a world-class container terminal. We are working closely with SIPG towards our shared vision of creating a great maritime hub.'
The fifth phase area totals 1.6m sq m with total berth length of 1.11 km and depth of 12.8 m.
HPH, the ...
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