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.