Joint venture company to develop Tianjin terminal
The Tianjin Port (Group) Co., A.P. Moller-Maersk group-owned APM Terminals and COSCO Pacific Ltd. have agreed to set up a joint venture company to develop a new terminal at the Chinese port of Tianjin.
According to the agreement, Tianjin Port (Group) Co. will hold a 40 percent share of the joint venture company with partners APM Terminals and COSCO Pacific each having a 30 percent ownership.
The preliminary construction of the 1,100 quay-meter container terminal at Tianjin is underway, and operations are expected to commence in 2007, APM Terminals said.