Total investment for the project is estimated at $960 million.
The agreement will see APM Terminals, with 51% stake, build and run the new terminal alongside JV partners Shenzhen Dachan Bay Port Investment and Development Co Ltd with 35% stake and China Merchants Holding (International) Co Ltd with 14%.
When fully operational, Dachan Bay Phase 2 will have four berths and a container handling capacity of up to 3.2 million twenty-foot equivalent units (TEUs) per year.
Reports expect the first two berths to come on-line by end-2009, with the remaining two to be completed by 2010.
Shenzhen port is currently the fourth busiest port in the world having handled 18 million TEUs in 2006 and is expected to see throughput this year hit 20 million TEUs.
Analysts say that Shenzhen will overtake Hong Kong as the world's third busiest port within the next year or two.
Significant cargo volume growth, especially from the Pearl River Delta, is expected to continue over the next few years with 2011 throughput estimated to be in excess of 32 million TEUs.
Development of the Dachan Bay terminal is critical for Shenzhen to meet 2011 demand, especially since Shekou and Chiwan terminals in west Shenzhen will be running at maximum capacity by 2009 while Yantian terminals in east Shenzhen is also experiencing increasing throughput.
Maersk signs on for Shenzhen terminal
A. P. Moller-Maersk Group subsidiary APM Terminals BV. has signed an agreement to lead a joint venture (JV) to develop, own and operate the Shenzhen Dachan Bay Phase 2 Container Terminal in the Chinese port of Shenzhen.