Port operator invests in Qingdao expansion

A consortium of investors has pledged to invest US$800m over the next six years on
developing a huge new phase of the container port in Qingdao, Shandong province. The
partners are P&O, Maersk, China Ocean Shipping Co and Qingdao Port
Company.
Global port operator P&O first invested in Qingdao in 2000 in a joint
venture to develop and operate a new deepwater container terminal, 70km from the city cen-
tre. This 1.3m teu facility is now capacity constrained following the transfer of all
international container ship-ping from the old port of Qingdao.
The expansion will comprise eight berths and will increase capacity by 5.lm teu, making Qingdao one of the
world's top 10 container ports. P&O will have a 29 per cent stake in the operation, having
sold 20 per cent of its existing 49 per cent share to Maersk.