Zhejiang Seaport Group buys into Shanghai container terminal operator

Zhejiang Seaport Group buys into Shanghai container terminal operator

Zhejiang Seaport Group, the integrated operating platform of seaports in Zhejiang, has signed a strategic agreement with Shanghai International Port Group (SIPG) to jointly develop the Yangshan Port area.

Under the agreement, Zhejiang Seaport Group will invest RMB5bn ($740m) to acquire 20% equity shares in SIPG’s subsidiary Shanghai Shengdong International Container Terminal Company, the operator of Yangshan Port.

The two groups will work together for the development of a new feeder container terminal in the north of Yangshan.

SIPG handled a container volume of 40.01m teu in the year of 2018, making it once again the largest container port in the world. The port has been facing congestion issues over the past few years and is making effort to solve the issue by increasing its handling capacity.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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