Maersk agrees Xiamen port upgrade JV

AP Moller-Maersk Group, the world's leading port builder and operator, has agreed to a joint venture development of the Xiamen Songyu Container Terminal, the China Daily reported. The 50-50 JV between Xiamen Port Affairs Co and Maersk's wholly-owned subsidiary APM Terminals involves an investment of US$363 million in the port upgrade, designed to ease congestion at Xiamen's main container terminal at Dongdu. Construction of the new, deep-water terminal will begin immediately with operations scheduled in December 2006. Xiamen Port Affairs Co, the principle operator of the Xiamen port, is planning a Hong Kong listing to raise funds for further expansion, the China Daily said.