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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Navy

Historic Mexican Ship Visits Port of LA

ARM Cuauhtémoc, a Mexican Navy barque, also known as the Ambassador and Gentleman of the Seas, will sail into the Port of Los Angeles next week and offer free public

Chief of Naval Personnel Visits Naval Special Warfare

Chief of Naval Personnel (CNP) Vice Adm. Bill Moran visited Naval Special Warfare (NSW) Sailors during an all hands call on Joint Expeditionary Base Little Creek-Fort Story, Oct.

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1024 sec (10 req/sec)