China’s Tianjin Port and Tangshan Port have signed a strategic agreement to jointly develop a container terminal in Tangshan Port’s Jingtang port area.
According to the agreement, the two companies will each invest RMB500m ($74.8m) to set up a joint venture for the development. Tianjin Port will also gradually acquire all the container shipping assets of Tangshan Port, in an effort to optimize shipping assets in Tianjin and Hebei province.
Tangshan Port is one of the major bulk shipping ports in North China and it completed a container shipping volume of 1.11m teu, accounting for 44.2% of the container shipping volume in Hebei Province, and ranks 20th amongst Chinese ports in terms of volume.
In January, Tianjin Port also set up a joint venture with Hebei Port Group to acquire a multi-purpose terminal in Huanghua Port and a bulk terminal in Tianjin’s Gaoshaling port area.