Singapore: Singapore’s PSA International is back in China making its first acquisition there for a number of years. PSA has bought a stake in the fast growing Jiangsu port of Lianyungang.
The joint venture between PSA and Lianyungang Port Group will take over the container terminal project from China Shipping Container Lines, which has moved to cut terminal assets in a bid to get back in the black.
The container terminal marks PSA’s first major foray into the Yangtze River Delta.
Commenting on the partnership, Tan Chong Meng, group ceo of PSA, said, “Lianyungang’s strategic location, established transport infrastructure and extensive hinterland offer tremendous potential for this joint venture to ride the waves of continuous growth in the Yangtze River Delta region.”
Lianyungang Port Group chairman Bai Li Qun said: “Lianyungang Port handles the highest intermodal container volume by sea and rail in China, servicing the hinterland of Central and West China.”
The container terminal has a designed capacity of 2.8m teu. It has 1,700 m of quay length, super-post panamax quay cranes and a water-depth of 16.5 m. The terminal is expected to commence operations in 2014. [05/11/13]