Shanghai JV APM Terminals, a subsidiary of the Denmark- based Maersk Group, finalized an agreement with Shanghai International Port Group (SIPG) to set up a JV to operate the fourth phase of Shanghai Waigaoqiao port. APM will have a 49% stake in the JV, with SIPG holding the remainder. Financial details were not released.
Railway ferry to the Northeast Construction began on a railway ferry project that will link the cities of Yantai and Dalian across the Bohai Bay. The line will become a key link between Northeast ChinaæŠ¯ Liaoning province and Shandong province in the Yangtze River delta region.
Total investment in the project will be RMB 2.35 billion (US$284 million), which will be contributed by the Ministry of Railway in Shandong Province, Dalian city government and China Railway Civil Engineering. The railway should start operation in June 2006 and will be built and managed by Zhongtie Bohai Railway Ferry.
The government estimates that the 147km new route will save at least RMB 6 billion (US$700 million) in railway transport costs every year.
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