French shipping and transport giant CMA CGM has acquired a 12 per cent stake in a future container terminal at the South Korean port of Busan.
This latest acquisition marks the company's second port investment in Asia, after the signing of a cooperation agreement in Xiamen in November.
Known as Busan 2-3, the new terminal is expected to become operational in 2011 and will operate in partnership with Macquarie, Bouygues, Hyundai, KMTC, Busan Port Authority and local operators KUKJE and KCTC, a CMA CGM statement said.
The new facility will have an annual capacity of 2.7 million TEU and feature a 1,400-metre-long quay, 12 container cranes and a 17-metre draft to accommodate 12,000-TEU ships.
The Busan 2-3 project "demonstrates the strong relationship between the group and South Korea, where CMA CGM giant container vessels are built," a CGM CMA release said.
To date, the CMA CGM Group has invested in 23 container terminals worldwide, to secure berthing space for its ships to ensure efficiency of its operations, it added.
CMA CGM operates a fleet of 385 vessels, including 110 company-owned ships, that call at 400 ports worldwide. In 2007, the group carried more than seven million TEU, employing 16,000 people worldwide, including 4,200 in its home market of France.
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