Yantian International Container Terminals Ltd (YICT), a leading port developer in China, yesterday signed an agreement on a five-year term loan of HK$3.3 billion (US$423 million) with a banking consortium in this economic hub of South China's Guangdong Province.

The syndication, which includes Bank of China, the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and China Development Bank, will provide YICT with loan facilities to finance the operations and management of YICT's third phase.

"As one of the most important infrastructures in Shenzhen, YICT's handling capacity will be increased substantially and its productivity will further contribute to the economic success of Shenzhen and South China after the completion of the third phase," said John Meredith, chairman of Yantian International Container Terminals at the ceremony.

Established by the Hutchison Port Holdings (HPH) Group, a subsidiary of Hong Kong-listed port-to-telecom conglomerate Hutchison Whampoa, and Shenzhen Yantian Port Group, YICT is expecting to invest a total of HK$6.6 billion(US$846 million) in the third phase of the port of Yantian to cope with rapid growth at the terminal.

According to Meredith, the project contains four 100,000 TEUs (twenty-foot equivalent unit) vessel berths, along with the necessary supporting facilities. The first two berths began operations on October 16 and November 26, 2003. The remaining two berths are due for completion by the middle and end of this year.

It is estimated that the whole project will be completed by the end of 2005. At that time, YICT will have adequate capacity to handle cargo traffic growth in southern China.

Currently, there are 34 international shipping lines calling at YICT, providing more than 51 routes per week and connecting Shenzhen with major ports worldwide. YICT handled over 5 million TEUs in 2003, making it one of the busiest container terminals in South China and one of China's most frequently called ports with ocean-going vessels.

Hutchison Port Holdings, the world's leading port investor, developer and operator, has interests in 15 countries and operates a total of 32 ports, as well as a number of transport-related service companies.

(China Daily April 21, 2004)