Join our crew and become one of the 104,368 members that receive our newsletter.

China's Ningbo Port Co

APM Terminals Signs $508 Million Agreement to Develop Chinese Port

GCaptain
Total Views: 51
June 16, 2012

China's Ningbo Port Co

(Dow Jones) COPENHAGEN–The port-operating arm of Danish shipping and oil company A.P. Moller Maersk A/S (MAERSK-B.KO) Friday signed an agreement with China’s Ningbo Port Co. for the joint development and operation of facilities at Ningbo port, with Maersk investing about $508 million in the joint venture.

Maersk’s investment constitutes 25% of the equity stake in the development project, which aims to expand the port’s capacity to handle both more container traffic and vessels of a size that includes Maersk’s Triple-E ships currently being built.

With the project, Ningbo, China’s third-largest port, as well as Maersk, will be able to capitalize on strong growth in China in coming years.

The deal was signed by APM Terminals Chief Executive Kim Feifer and Ningo Port Co. Chairman Li Linghong at a ceremony in connection with the three-day state visit to Denmark of China’s President Hu Jintao.

At the same signing ceremony, Maersk also inked a $500 million loan agreement with China Development Bank.

– By Flemming Emil Hansen, Dow Jones Newswires

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,368 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,368 members that receive our newsletter.