Singapore: Singapore’s Jurong Port has made its second ever overseas investment decision.
SDIC Yangpu Port has inked an agreement with Jurong Port to jointly develop Yangpu port to be a shipping hub and logistics centre for Southeast Asia.
After two years research and negotiation, SDIC Yangpu Port and Jurong Port finally reached an agreement and will set up the jv – SDIC Jurong Yangpu Port with 51% shares and 49% shares separately, to operate the terminals business of Yangpu together. Yangpu is based on Hainan Island in the far south of the People’s Republic.
SDIC Yangpu Port is the only public terminal operator in Yangpu economic zone. Currently it has two 35,000 dwt class berths and six 50,000 dwt class berths, mainly for handling of bulk cargos and containers. It completed 4.6m tons cargo throughput in the first half of this year.
Jurong Port is one of the second biggest port operator in Singapore. It made its first overseas investment last year – with Rizhao port in Shandong. [13/07/12]