Modern Terminals, the Hong Kong-based container terminal operator, has indicated that plans to develop a nine-berth terminal complex in Zhoushan in eastern China’s Zhejiang province have been delayed as a result of the global economic downturn.
The company, which is 68% owned by Wharf Holdings, signed a strategic framework agreement with the Zhoushan Port Authority for the $1bn container terminal project last year.
But Modern Terminals corporate affairs manager Joel Cheung told Lloyd’s List that the timing of the project took into account the state of the economy, and supply and demand issues.
“In general for the container port industry — not just in China but also worldwide — the timing for terminal development must be reviewed in consideration of the current global economic downturn,” Ms Cheung said.
Singapore’s PSA International would not comment on a report that it had also put on hold its plans for a seven-berth terminal at Ningbo-Zhoushan. The company had been in discussions with port officials in Ningbo-Zhoushan to gain approval for the project.
Both Modern Terminals and PSA International were commenting after an unidentified official with the port’s administrative commission told Reuters that both companies had put their projects on hold until the global economic downturn eased.
he massive Ningbo-Zhoushan port cluster, which agreed to merge in 2006 and which handled 11.2m teu last year, aimed to compete with Shanghai, some 100 km to the north.
The combined port hoped to handle 14.5m teu and 610m tonnes of cargo by 2010. Box volumes were forecast to rise to 30m teu and 890m tonnes by 2020.
“Our container and cargo throughput fell year-on-year in the first quarter due to weak trade volume. But we are seeing signs of recovery as our container volume stablised in March,” the official added.
Central to the integration of the two ports was the development of the Jintang Dapukou Container Terminal, which was due to be partially funded by Ningbo and Zhoushan and has gained preliminary approval from the National Development and Reform Commission. The terminal, with a 1.8 km wharf frontage and five container berths, was designed to have an annual capacity of 2.5m teu.
Ningbo-Zhoushan will ultimately comprise 19 port districts including Beilun where Hong Kong’s Hutchison Port Holdings has a terminal, Zhenhai, Daxie, Meishan and Jintang.
The company, which is 68% owned by Wharf Holdings, signed a strategic framework agreement with the Zhoushan Port Authority for the $1bn container terminal project last year.
But Modern Terminals corporate affairs manager Joel Cheung told Lloyd’s List that the timing of the project took into account the state of the economy, and supply and demand issues.
“In general for the container port industry — not just in China but also worldwide — the timing for terminal development must be reviewed in consideration of the current global economic downturn,” Ms Cheung said.
Singapore’s PSA International would not comment on a report that it had also put on hold its plans for a seven-berth terminal at Ningbo-Zhoushan. The company had been in discussions with port officials in Ningbo-Zhoushan to gain approval for the project.
Both Modern Terminals and PSA International were commenting after an unidentified official with the port’s administrative commission told Reuters that both companies had put their projects on hold until the global economic downturn eased.
he massive Ningbo-Zhoushan port cluster, which agreed to merge in 2006 and which handled 11.2m teu last year, aimed to compete with Shanghai, some 100 km to the north.
The combined port hoped to handle 14.5m teu and 610m tonnes of cargo by 2010. Box volumes were forecast to rise to 30m teu and 890m tonnes by 2020.
“Our container and cargo throughput fell year-on-year in the first quarter due to weak trade volume. But we are seeing signs of recovery as our container volume stablised in March,” the official added.
Central to the integration of the two ports was the development of the Jintang Dapukou Container Terminal, which was due to be partially funded by Ningbo and Zhoushan and has gained preliminary approval from the National Development and Reform Commission. The terminal, with a 1.8 km wharf frontage and five container berths, was designed to have an annual capacity of 2.5m teu.
Ningbo-Zhoushan will ultimately comprise 19 port districts including Beilun where Hong Kong’s Hutchison Port Holdings has a terminal, Zhenhai, Daxie, Meishan and Jintang.