Cosco and Hutchison agree to terminal management collaboration
Cosco Shipping Ports and Hutchison Port Holdings Trust has announced that Hong Kong International Terminals (HIT), COSCO-HIT Terminals (CHT), and Asia Container Terminals (ACT) have entered into a formal collaboration for the co-management and operation of 16 berths across Terminals 4, 6, 7, 8 and 9 at Kwai Tsing, New Territories, Hong Kong.
Cosco Shipping Ports said the collaboration will allow for the most effective use of facilities and manpower resources.
The revenue and expenses from the management and operation of the facilities of the combined terminals will be allocated by reference to the respective designed capacity of the facilities owned by each party.
HIT owns 12 berths in Terminals 4, 6, 7 and 9 while CHT and ACT own 2 berths each in Terminal 8 East and Terminal 8 West respectively.