Qingdao Qianwan Container Terminal Co Ltd (QQCT) has formed a US$1 billion joint venture with Pan Asia International Shipping (HK) Ltd to operate a container terminal south of Qingdao Port's Qianwan port area, Xinhua reported.
Qingdao Qianwan Container Terminal, 20 per cent owned by Cosco Pacific will hold 80 per cent of the new venture and the rest will be held by Pan Asia.
The terminal has 10 berths and a quay length of 3,408 metres, capable of handling 6 million TEU a year. The first four piers are expected to start operating by the end of 2008.
After the facility is completed, the Qianwan port area will have a total of 20 container berths and a quay length of 6,800 metres, raising the port's annual capacity to 14 million TEU.
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