China's SDIC Yangpu and Singapore's Jurong Port have agreed to jointly manage and operate Yangpu port on Hainan Island, China, Seatrade Asia online reports.
SDIC Yangpu will take the majority 51% stake in the newly created joint venture named SDIC Jurong Yangpu Port Co. The concession period of the existing multi-purpose port will be 50 years.
In 2011, the deepwater Yangpu port handled about 8.7m tonnes of general and bulk cargoes, including 310,000 teu of container cargoes.
Jurong Port will work with SDIC Yangpu “to further enhance Yangpu port's operational efficiency and productivity”, a Jurong Port spokesman was quoted saying.
The latest deal is Jurong Port's second joint venture port in China. The first was established in Rizhao, Shandong province.
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