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Manufacturers, Exporters, Wholesalers - Global trade starts here.
Five Companies to Invest in Shanghai Port

AP Moeller-Maersk A/S, Hutchison Whampoa Ltd and three other companies will invest 4 billion yuan (US$495 million) in Shanghai's Yangshan port as growing global trade is increasing cargo demand in China.

 

The five companies will form a venture to buy and develop the second phase of Yangshan, according to a statement to the Hong Kong Stock Exchange from Hutchison, the world's largest port operator. Hutchison, controlled by Hong Kong billionaire Li Ka-shing, owns 32 percent of Yangshan's second phase.

 

AP Moeller, Hutchison and other companies have been seeking to invest in the US$16 billion Yangshan deep-water port, which will double Shanghai's cargo handling capacity by 2010 to bring it close to becoming the world's busiest harbor. Shanghai, China's premier financial city, is located at the confluence of the Yangtze and Huangpu rivers.

 

"Yangshan's growth is guaranteed," said Oscar Choi, an analyst at DBS Vickers Securities Hong Kong Ltd. "Shanghai captures a large portion of the cargo movement in China's Yangtze River Delta. Shanghai doesn't want to be just a regional port, but a hub that will compete with other ports such as Busan."

 

APM Terminals, a unit of Copenhagen-based AP Moeller, the world's biggest container line, will own 32 percent of Yangshan Phase II. The company announced the investment on Monday without giving financial details.

 

Shanghai International Port (Group) Co, which already operates the first US$1.7 billion phase of Yangshan, will own 16 percent of the venture. Cosco Pacific Ltd, which invests in ports in Hong Kong and the mainland, and China Shipping (Group) Co, the country's second-biggest shipping line, will each have a 10 percent stake.

 

Choi at DBS has a "hold" rating on Cosco Pacific shares and a "buy" recommendation on China Merchants Holdings (International) Co, which holds 30 percent of Shanghai International Port.

 

The second phase of Yangshan will have four berths with a quay length of 1,400 metres and will be capable of handling some 2.1 million 20-foot containers annually for 50 years starting in December 2006. Each of the five companies will contribute to the venture based on their shareholdings, Hutchison said.

 

The first phase of Yangshan, which opened on December 10, comprises five berths with an annual capacity of about 3 million boxes shipped between Asia and Europe.

 

Shanghai's container cargo handling capacity will double to 30 million boxes by 2010.

 

The city was the world's third-busiest harbor in 2004, handling 14.6 million boxes at its four container terminals. In the first 11 months of 2005, the port processed 16.52 million boxes, 25 percent more than in the same period last year.

 

To attract shipping lines from Hong Kong and South Korea's Busan, Yangshan may cut transshipment charges by 50 percent. Vessels calling at the port will be given special customs clearance before they dock and a special tax-free zone has been set up at the harbor, according to Xinhua on December 10.

 

In September last year Hutchison formed a 4 billion yuan venture under an equal partnership with Shanghai International Port at Shanghai's Waigaoqiao harbour to operate four berths.

 

(China Daily December 21, 2005)

 

Shanghai's Deep-water Port Starts Operation
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Port Project Speeds Up
Local Banks Finance Deep-water Port
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