Tianjin port awaits capital injections

COSCO Pacific, a Hong Kong-listed unit of China's largest shipping company, China Ocean Shipping, aims to buy a 14% stake in Tianjin's new port this year, Hong Kong's Standard reported. Four other shipping firms, among them Maersk, will also channel investments into Tianjin Five Continent Port. COSCO will invest US$700 million this year to buy terminals and container vessels to close in on China's vast foreign trade market. The port opened in 2004 and will increase its annual throughput threefold to 600,000 TEUs (20 foot-equivalent units) this year. COSCO plans to buy two of the port's four terminals.