Hong Kong: Cosco Pacific and China Shipping Terminal Development (CSTD) are spending a combined HK$2.472bn to take 40% and 20% stakes in Asia Container Terminals (ACT), which is managed by Hutchison Port Holdings. ACT runs Container Terminal 8 West in Kwai Chung, adjacent to Hutchison’s jv terminal with Cosco, Cosco-HIT Terminals.
Cosco Pacific managing director Wang Xingru said: “Further to our existing successful joint venture with HPH Trust at COSCO-HIT’s Terminal 8 East in Hong Kong, I believe that Terminal 8 East and West will form a competitive platform to provide comprehensive and efficient terminal services to our customers. Our investment in ACT will enhance our terminal profitability and further strengthen our presence in Hong Kong which is one of the major gateways to South China.”
Fang Meng, managing director of CSTD, commented: “This is CSTD’s first container terminal investment in Hong Kong and it extends our geographic presence along China’s coastal ports. The single contiguous 1,380-metre berth at Container Terminal 8 will enable us to establish Hong Kong port as a key container shipping hub for the deployment of ultra large containerships, including the 19,000 teu vessels which are scheduled for delivery in November.”
ACT handled over more than 1m teu in 2013. [14/03/14]