A major expansion is going ahead in the Chinese port of Qingdao in eastern Shandong province. Local news reports say the joint venture Qingdao New Qianwan Container Terminal has been put into place to build 10 new berths.
They will be constructed as an extension to Qianwan Container Terminal, already one of the largest container ports in mainland China.
The berths, with 3,400 metres of quay length and alongside depth of 17 metres, have been designed to handle up to six million TEUs (twenty foot equivalent units) a year.
Four of the berths are expected to come on-line at the end of 2008.
Quingdao will have an annual capacity of 12.5 million TEUs when all ten new berths are in operation alongside the port's existing 11 berths.
COSCO Pacific, the Qingdao Port Group and the Maersk unit APM Terminals BV. will hold 80% of the new joint venture while the remaining 20% goes to Pan Asia International Shipping.
The South China Morning Post said that COSCO Pacific, the terminal operating arm of the China Ocean Shipping (Group) Company - (COSCO) has agreed to pay $160 million for a 16% stake in the new joint venture.
Qianwan Container Terminal, which came on-line January 2004, has already surpassed its designed handling capacity of 6.5 million TEUs per year.
Reports say some 6.8 million TEUs were handled during the first 10 months of this year which is a 23% jump from the same period last year.
They will be constructed as an extension to Qianwan Container Terminal, already one of the largest container ports in mainland China.
The berths, with 3,400 metres of quay length and alongside depth of 17 metres, have been designed to handle up to six million TEUs (twenty foot equivalent units) a year.
Four of the berths are expected to come on-line at the end of 2008.
Quingdao will have an annual capacity of 12.5 million TEUs when all ten new berths are in operation alongside the port's existing 11 berths.
COSCO Pacific, the Qingdao Port Group and the Maersk unit APM Terminals BV. will hold 80% of the new joint venture while the remaining 20% goes to Pan Asia International Shipping.
The South China Morning Post said that COSCO Pacific, the terminal operating arm of the China Ocean Shipping (Group) Company - (COSCO) has agreed to pay $160 million for a 16% stake in the new joint venture.
Qianwan Container Terminal, which came on-line January 2004, has already surpassed its designed handling capacity of 6.5 million TEUs per year.
Reports say some 6.8 million TEUs were handled during the first 10 months of this year which is a 23% jump from the same period last year.