Hutchison Whampoa Ltd, the world's largest container terminal operator, has signed an agreement with Shenzhen Yan Tian Port Holdings Co Ltd<000088> to jointly construct and develop the Shenzhen Yan Tian East Port Phase 1 container terminal project at Yan Tian Port in Shenzhen city, sources reported.
The East Port Phase 1 will cover an area of 1.38 million square meters and will develop four container berths for 6,600 containers and 9,500-box ships respectively.
Hutchison will have 53% of the project and Yan Tian Port will own the remaining 47%, according to Wang Yongzhen, head of the general office of Yan Tian Port.
Hutchison has expanded its market share in Chinese mainland by partnering with the mainland firm in development and operation of Yan Tian West Port in Shenzhen.
However, the Shenzhen port has seen declining container traffic as the global financial downturn has resulted in slowing trade growth is damping the growth of China's sea-cargo, particularly in the Pearl River Delta.
The East Port Phase 1 will cover an area of 1.38 million square meters and will develop four container berths for 6,600 containers and 9,500-box ships respectively.
Hutchison will have 53% of the project and Yan Tian Port will own the remaining 47%, according to Wang Yongzhen, head of the general office of Yan Tian Port.
Hutchison has expanded its market share in Chinese mainland by partnering with the mainland firm in development and operation of Yan Tian West Port in Shenzhen.
However, the Shenzhen port has seen declining container traffic as the global financial downturn has resulted in slowing trade growth is damping the growth of China's sea-cargo, particularly in the Pearl River Delta.