Hutchison Port Holdings Ltd, the world's largest container-terminal operator, formed a freight-handling venture with Xiamen International Port Co as China's surging trade growth boosts sea-cargo demand.
The venture will manage a berth in Xiamen, China's seventh busiest port, and help 'coordinate' operations at two other ones, Xiamen International said in a Hong Kong stock exchange statement on Friday. Xiamen International will hold 51 per cent of the venture, with Hutchison Port owning the rest.
Hutchison Port, a unit of Hong Kong-based Hutchison Whampoa Ltd, has expanded outside of the city to tap faster-growing markets, such as China and Turkey. China's exports surged 27 per cent last year while Hong Kong's container traffic grew 4.1 per cent because of competition from cheaper ports on the mainland.
"The company will probably look for more investments as global trade continues to grow," said Johnny Yeh, a Hong Kong-based analyst with Quam Ltd. "Hutchison has been doing well in profit growth at its port division."
The total investment in the venture in Xiamen, southeast China, will be 737.8 million yuan or US$100 million (US$1 = RM3.42), said Xiamen International. The registered capital will be 454.7 million yuan, it added.
Xiamen port handled 4 million standard 20-foot containers last year, 20 per cent more than a year earlier, according to Containerisation International.
A Hutchison Port-led group on Friday won the rights to operate the port of Izmir, which handles one-fifth of Turkey's maritime trade. The grouping, also including Global Yatirim Holding AS and Ege Ihracatci Birlikleri, bid US$1.28 billion for the 49-year contract.
Turkish exports rose 20 per cent to US$8.9 billion in March, a record for a single month, the government statistics agency said on April 30. Imports climbed 12 per cent to US$13 billion, also a record, it added.
Port operators have increased their investments in terminals as trade expands. Global trade will probably grow 7.6 per cent this year, according to the International Monetary Fund. About 90 per cent of world trade moves by sea. Hutchison operates 257 berths in 45 ports in Asia, Europe, the US and the Middle East.
Hong Kong, the world's second-busiest container port last year, may fall behind Shanghai this year. Its container volume grew 2.3 per cent in the first quarter to 5.5 million boxes, while Shanghai boosted its volume 28 per cent to 5.88 million.
The venture will manage a berth in Xiamen, China's seventh busiest port, and help 'coordinate' operations at two other ones, Xiamen International said in a Hong Kong stock exchange statement on Friday. Xiamen International will hold 51 per cent of the venture, with Hutchison Port owning the rest.
Hutchison Port, a unit of Hong Kong-based Hutchison Whampoa Ltd, has expanded outside of the city to tap faster-growing markets, such as China and Turkey. China's exports surged 27 per cent last year while Hong Kong's container traffic grew 4.1 per cent because of competition from cheaper ports on the mainland.
"The company will probably look for more investments as global trade continues to grow," said Johnny Yeh, a Hong Kong-based analyst with Quam Ltd. "Hutchison has been doing well in profit growth at its port division."
The total investment in the venture in Xiamen, southeast China, will be 737.8 million yuan or US$100 million (US$1 = RM3.42), said Xiamen International. The registered capital will be 454.7 million yuan, it added.
Xiamen port handled 4 million standard 20-foot containers last year, 20 per cent more than a year earlier, according to Containerisation International.
A Hutchison Port-led group on Friday won the rights to operate the port of Izmir, which handles one-fifth of Turkey's maritime trade. The grouping, also including Global Yatirim Holding AS and Ege Ihracatci Birlikleri, bid US$1.28 billion for the 49-year contract.
Turkish exports rose 20 per cent to US$8.9 billion in March, a record for a single month, the government statistics agency said on April 30. Imports climbed 12 per cent to US$13 billion, also a record, it added.
Port operators have increased their investments in terminals as trade expands. Global trade will probably grow 7.6 per cent this year, according to the International Monetary Fund. About 90 per cent of world trade moves by sea. Hutchison operates 257 berths in 45 ports in Asia, Europe, the US and the Middle East.
Hong Kong, the world's second-busiest container port last year, may fall behind Shanghai this year. Its container volume grew 2.3 per cent in the first quarter to 5.5 million boxes, while Shanghai boosted its volume 28 per cent to 5.88 million.