COSCO Shipping Ports purchased 30% equity of Xiamen Ocean Gate via its wholly-owned subsidiary COSCO Shipping Ports Xiamen (CSPX) to strengthen container related business, according to Seatrade.
Upon completion of the deal, Xiamen Ocean Gate will become a wholly-owned subsidiary of CSPX.
Xiamen Ocean Gate is principally engaged in the operation of the container terminal at the port of Haicang District, Xiamen, which is a major deep-water port along the south-eastern coastal region.