Cosco Pacific Ltd, Asia's third-largest container-terminal operator, said one of its ventures and Pan Asia International Shipping Ltd. will form a $1 billion container terminal operator in China to handle growing trade.
Qingdao Qianwan Container Terminal, 20 per cent owned by Cosco Pac-ific, will hold 80 per cent of the new venture in the northern city of Qingdao, and the rest will be held by Pan Asia, Cosco Pacific said in an e-mailed statement on Friday.
China's total container volume may rise about a fifth this year as more toys, computers and other products are exported to the US and Europe. Overseas shipments from Asia's second- biggest economy rose 22 per cent last month.
The new terminal venture will have 10 berths capable of handling six million 20-foot standard containers a year, Cosco Pacific said. The first four piers are expected to start operating by the end of 2008, it said.
The new venture will increase Cosco Pacific's annual capacity in Qingdao to 12.5 million containers after berth construction is completed, the company said. Its current venture operates 11 berths, it said.
China's ports may handle 113 million boxes this year, up from 93.6 million last year, Lu Haihu, chairman of the China Port and Harbour Association, said on October 24.
Qingdao Qianwan Container Terminal, 20 per cent owned by Cosco Pac-ific, will hold 80 per cent of the new venture in the northern city of Qingdao, and the rest will be held by Pan Asia, Cosco Pacific said in an e-mailed statement on Friday.
China's total container volume may rise about a fifth this year as more toys, computers and other products are exported to the US and Europe. Overseas shipments from Asia's second- biggest economy rose 22 per cent last month.
The new terminal venture will have 10 berths capable of handling six million 20-foot standard containers a year, Cosco Pacific said. The first four piers are expected to start operating by the end of 2008, it said.
The new venture will increase Cosco Pacific's annual capacity in Qingdao to 12.5 million containers after berth construction is completed, the company said. Its current venture operates 11 berths, it said.
China's ports may handle 113 million boxes this year, up from 93.6 million last year, Lu Haihu, chairman of the China Port and Harbour Association, said on October 24.