Tianjin Port Co. Ltd, a China-based port operator, has entered into an agreement with one of the world's leading container operators CMA CGM Group and Hong Kong-based Asia International Shipping to build and operate a container terminal in the port of Tianjin, North China.
The joint venture (JV), with a 50-year operating period, will be jointly invested by Tianjin Port (60%), CMA CGM (20%) and Asia International Shipping (20%). The total registered capital is RMB 1.47 billion.
The JV is scheduled to be operational in 2011, with annual revenue of more than RMB 70 million.
The joint venture will be CMA CGM's 26th investment in port terminals worldwide, which is expected to further improve the quality of service offered to their vessels, thus to their customers, according to Farid Salem, CM CGM's chief executive vice president.
CMA CGM is already present in the Chinese port of Xiamen and manages a network of 18 railway container stations in China.
The joint venture (JV), with a 50-year operating period, will be jointly invested by Tianjin Port (60%), CMA CGM (20%) and Asia International Shipping (20%). The total registered capital is RMB 1.47 billion.
The JV is scheduled to be operational in 2011, with annual revenue of more than RMB 70 million.
The joint venture will be CMA CGM's 26th investment in port terminals worldwide, which is expected to further improve the quality of service offered to their vessels, thus to their customers, according to Farid Salem, CM CGM's chief executive vice president.
CMA CGM is already present in the Chinese port of Xiamen and manages a network of 18 railway container stations in China.