Chinese, U.S. companies set up Tianjin container terminal venture
COSCO Pacific Ltd., China Shipping Terminal Development Co., Ltd., China Merchants International Terminals (Tianjin) Ltd., Tianjin Port (Group) Co., Ltd., and U.S.-based CSX World Terminals have formed a joint venture to develop and operate a container terminal in the port of Tianjin in North China.
The venture is called Tianjin Five Continents International Container Terminal Co., Ltd. It will invest in, manage and operate a container terminal in Dongtudi in Tianjin
The Dongtudi terminal will have an annual handling capacity of 1.5 million TEUs, with four berths and a quay length of 1,202 meters, a water depth alongside of up to 15.7 meters and a total area of about 550,000 square meters.
COSCO Pacific, an affiliate of the China Ocean Shipping Co. group, said it will invest about $19 million in the venture, in which it will have a 14-percent interest.
The port of Tianjin, also known as Xingang, has experienced an annual growth rate in container throughput of 20 percent since 1990.