Hutchison To Hold 45 Percent Stake in Container Port Project

Thursday, July 12, 2001
Hutchison Whampoa Ltd. would directly hold about 45 percent, not 65 percent, of the phase three of the Yantian container port project in the southern Chinese city of Shenzhen, a Hutchison official said on Thursday. She added that Hutchison has a majority stake in a foreign entity that would hold a 65 percent stake in the project.

Through the investment entity, Hutchison would hold an "effective 45 percent", the official said. Officials at Hutchison's China partner Yantian Harbour Group said on Wednesday that China had allowed Hutchison to take a 65 percent stake in the project, while Yantian Harbour would hold the remaining 35 percent.

The official declined to identify the other shareholders of the foreign entity, but local newspapers said they are likely to include China-backed but Hong Kong-incorporated COSCO Pacific, which is engaged in container leasing and port operations.

Chinese port officials said earlier this year that foreign investors - including investors from Hong Kong - were no longer allowed to hold controlling stakes in domestic container ports.

A Yantian Harbor Group official said on Wednesday that Beijing probably approved the deal because Hutchison already holds 50.5 percent of the first two phases of the container port, in which Hutchison and Yantian Harbour Group's subsidiary, Yantian Harbor Co Ltd., had sunk HK$7 billion (US$897 million).

The phase three development reportedly will require a total investment of 5.57 billion yuan (US$673 million) and would have four berths capable of handling 1.6 million twenty-foot equivalent units (TEUs) annually.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Port of Oakland Plans for Terminal Closure

Port of Oakland sets plan to shift cargo when terminal closes; ships move to neighbor berths; Saturday and night gates to help cargo flow   The Port of Oakland

N.Korea Shipper Skirts UN Sanctions, Gets Port Access

A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation,

Navy

Pentagon: Cut in LCS Ship Program 'Not an Indictment'

U.S. Deputy Defense Secretary Robert Work said the Pentagon's plan to truncate the Littoral Combat Ship program at 40 ships instead of 52 reflected budget pressures

Migrants Reaching Europe by Sea Soars 10-fold

Ten times as many migrants and refugees arrived in Europe by sea in the first six weeks of the year as in the same period of 2015, and the number of deaths also soared,

Australia Submarines: It is Japan vs. France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0727 sec (14 req/sec)