Five lines take part in Rotterdam terminal venture
Mitsui OSK Lines (MOL) along with four other lines is taking part in a joint venture US$1.52 billion terminal project in the Dutch port of Rotterdam, in response to growing shipments of goods from Asia despite the European debt crisis.
This marks the first time that MOL will be involved in marine terminal operations in Europe. MOL will put up 20 percent of the project's cost.
The facility is slated to begin operating in the second half of 2014, according to Nikkei Report.
The other four participants in the Rotterdam World Gateway project are Dubai-based marine terminal developer DP World, Singaporean shipping firm APL, South Korea's Hyundai Merchant Marine and French shipping company CMA CGM.
The Japanese firm said the volume of goods that it carried from Asia to Europe grew three percent to 431,000 TEUs last fiscal year and is still strong despite the debt problems. This route accounts for slightly more than 10 percent of its overall transport volume, trailing only the Asia-US route.
The company intends to make an upfront investment on expectations of post-crisis growth in Asia-Europe shipments.
Construction is set to begin as early as this month on the first phase of the project, which comprises 1.1 million sq m, or about 70 percent of the site's total area.
A new terminal is to accommodate three large ships, each about 300m long and capable of handling 2.35 million TEUs a year. When the second phase is completed, the quay wall will span 1,900m.
Nippon Yusen KK (NYK) owns stakes in terminals at the ports of Rotterdam and Amsterdam.
Rotterdam is the largest port in Europe in terms of cargo volume, receiving such products as everyday goods and electronics made mainly in Asia. Large container ships are often used on the Asia-Europe route due to the long distance, resulting in congestion at large ports.
Initial plans called for the terminal to open for business in the second half of 2013, but construction was delayed due to financing problems caused by the debt crisis.