Cosco merges Tianjin container terminal assets with Tianjin Port and China Merchants

Cosco Shipping Ports has announced that it has entered into a merger agreement with Tianjin Port Holdings and China Merchants International Terminals.

Under the agreement, the three groups will merge their Tianjin container terminal assets Tianjin Port Container Terminal Company (TCT), Tianjin Five Continents International Container Terminal Company (FICT) and Tianjin Orient Container Terminal Company (TOCT).

Upon completion of the merger, TCT will be the entity to absorb all assets, credits, debts and employees of FICT and TOCT.

Cosco believes that the merger will optimise the allocation of resources, enhance the unified management of the relevant terminals and lower operational costs.