Xiamen International Port has announced a plan to set up a coal trading unit to diversify its business.
New subsidiary Xiamen Port Haiheng Industrial will be set up at Xiamen Port’s Haicang port area, which mainly handles bulk cargoes including coal and iron ore. The initial investment in the subsidiary is RMB10m ($1.48m).
Xiamen Port handles around 10m tons of coal each year and mainly serves the power companies in the hinterland region.
Xiamen Port believes the trading unit will create great synergy with the port business and fit the company’s future development and expansion strategy.