.jpg)
A $911 million joint venture to merge its port facilities in China’s Qingdao Port has been signed by China Merchants Holdings (International) Cosco Pacific and AP Moller Mearsk.
Qingdao Port said the venture would benefit China’s second-largest trade port with the industry going through a major restructuring as a result of the global financial crisis.
China Merchants and Qingdao New Qianwan Container Terminal will each own 50% of the venture, with investors including Qingdao Port Group, Mearsk’s APM Terminals, DP World , COSCO Pacific and Pan Asia Shipping.
CargoNews Asia reported China Merchants and Qingdao New Qianwan will each contribute $43.94 million in cash and over $100 million worth of assets to Qingdao Qianwan United Container Terminal as registered capital.