CSX WORLD TERMINALS BUYS STAKE IN PUSAN TERMINAL
CSX World Terminals has been named as the future operator of Pusan Newport, a new container terminal in the port of Pusan, and will acquire up to 24.5 percent of the equity in the consortium of companies that is building the facility.
CSX World Terminals, a wholly owned subsidiary of CSX Corp., has signed an operations, maintenance and management agreement for the new terminal.
This agreement, signed by CSX Corp. chairman John Snow, outlines the terms under which CSX World Terminals will operate the Korean port terminal facility. CSX World Terminals will provide operating management, global sales and marketing, terminal systems and industry expertise.
Pusan Newport Co. will commence operation in early 2006. It holds the 50-year concession rights for 9 future berths of the Pusan New Port expansion in Pusan, the third largest container port in the world.