Cosco Pacific has entered into an agreement with Jinjiang Port Investment and Development to establish a port joint venture in Jinjiang city, with a total investment of US$99.8 million.
The two parties will invest in terminal development and the construction of new berths in the city, while the joint venture company -- Jinjiang Pacific Ports Development -- will manage and operate all the container and break-bulk cargo terminals at Weitou and Shenhu in Jinjiang, as well as related transportation and freight forwarding businesses.
Cosco Pacific and Jinjiang Port will hold 80 percent and 20 percent in the joint venture respectively.
One container berth in Weitou and two break- bulk cargo berths in Shenhu are currently in operation with water depth at between 7.9m and 10.2m, and a total area of 420,000 sq m.
Annual handling capacities stand at 300,000 TEUs and two million tonnes.
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