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China Merchants Holdings News

01 Apr 2016

China Merchants to Change Name

China Merchants Holdings (International) Company has proposed to change its name to China Merchants Port Holdings Company Limited. The proposed change is subject to approval by shareholders through a special resolution at the AGM and confirmation by the Registrar of Companies in Hong Kong. The company said the new name will better reflect the current strategy of the company to focus on ports and port-related businesses, providing a clearer identification and image for the company. "The core business of the Group includes ports and port-related businesses. In recent years, the Group has been divesting its non-core businesses and it has…

14 Mar 2016

China Merchants Mulls Further Expansion

China Merchants Holdings International (CMHI) has announced plans to invest in 10 overseas ports in regions that include Russia, West Africa and South East Asia. China Merchants Holdings International Co Ltd (CMHI), listed on the Hong Kong Stock Exchange, manages ports and manufactures containers. It is the largest public port operator in China in terms of container throughput, with a market share of roughly 33%. It is is looking for new investment opportunities in Southeast Asia, East and West Africa and Baltic Sea region and Russia. Bai Jingtao, Managing Director at CMHI, said: “It is important for the nation of China to build international connections so it can develop together with different countries.

13 Jan 2016

China Merchants to Take 21.05% Stake in Dalian Port

China Merchants Holdings (International) Company Limited, has announced that it has signed a share subscription agreement with Dalian Port (PDA) Co., under which Dalian Port will issue 1.1bn new shares to China Merchants for HK$4.3bn ($554m). Upon completion of the transaction, China Merchants will hold a 21.05% equity stake of Dalian Port, becoming the second largest shareholder. China Merchants Holdings, which will become Dalian Port's second-largest shareholder after the purchase, said the deal allows it to strengthen its ports network within China and enhance its port-service network. China Merchant said it has been striving to further strengthen its ports network within China…

20 Oct 2015

Port Construction: Tanzania Kicks Off $11B Project

Work started last week on an $11bn megaport in Tanzania, funded by China and Oman, which the country’s president said would spark an “industrial revolution” in the east African nation. The new port at Bagamoyo will dwarf the country’s current main port at Dar es Salaam. Dar es Salaam, approximately 75km  (47 miles) to the south on the Indian Ocean coast,  is the country’s main commercial port but is over its full capacity. President Jakaya Kikwete attended a groundbreaking ceremony and said construction of phase I of the project would take three years. “The construction of the Bagamoyo port and a special economic zone is aimed at realising the government’s goal of bringing about an industrial revolution in Tanzania,” he said.

16 Oct 2015

Tanzania Starts Work on $10 bln Port Project Backed by China and Oman

Tanzania started construction work on a $10 billion port and special economic zone on Friday, a project backed by China and Oman that aims to transform the East African country into a regional trade and transport hub. The port, which will be Tanzania's biggest, is being built at Bagamoyo, 75 km (47 miles) north of Dar es Salaam - the commercial capital that is currently the site of the country's main port, which is operating beyond its capacity with limited space for expansion. President Jakaya Kikwete attended a groundbreaking ceremony and said construction of phase I of the project would take three years. "The construction of the Bagamoyo port and a special economic zone is aimed at realising the government's goal of bringing about an industrial revolution in Tanzania," he said.

07 Oct 2015

Stiff Competition for Cosco Pacific in Mediterranean

Although Cosco Pacific, the Hong Kong-listed subsidiary of China’s biggest shipping company China Cosc,  is expanding in the Mediterranean area after taking part in the acquisition of port in neighbouring Turkey, it faces stiff competition, reports SCMP. Cosco Pacific is investing in Turkish ports after forming a joint venture with China Merchants Holdings International (CMHI) and CIC Capital for the acquisition of equity interests in Fina Liman and Kumport. Its subsidiary Piraeus Container Terminal S.A., which operates Piers II and III at the Port of Piraeus, Greece’s largest port. According to data released the container handling at the two terminals have recorded a year-on-year decline in the second quarter and grew only 0.7 per cent in the first eight months…

17 Sep 2015

China Merchants, China COSCO Buy Turkey Terminal

China Merchants Holdings (International) Co. Ltd. along with Cosco Pacific Ltd., a unit of China Investment Corp. and Euro-Asia Oceangate will pay US$919.9 million to buy a 64.5% stake in Fina Liman from Fina Holding. Fina Liman is an investment-holding company that owns and operates a port terminal in Turkey. The acquisition gives the consortium access to the terminal of Fina’s subsidiary Kumport. Kumport Terminal is a modern container terminal in the Ambarli Port Complex, which is on the northwest coast of the Marmara Sea on the European side of Istanbul, Turkey. The Company, CMHI and CIC Capital, through their respective wholly-owned subsidiaries, hold 40%, 40% and 20%, respectively, of the shares in the Consortium SPV.

11 Sep 2015

British Maritime Industry Eyes China’s One Belt, One Road Plan

China’s 21st Century Maritime Silk Road and Economic Belt development vision has takers in UK maritime sector, reports Xinhua News Agency. Both countries expected to improve bilateral maritime cooperation in the "Belt and Road" initiative, chairman of Maritime London Lord Mountevans said. ‘All maritime roads lead to London’ stated moderator Doug Barrow, chief executive of promotional body Maritime London, organiser of the One Belt, One Road (OBOR) event. CMA CGM, the third biggest container operator globally, signed a strategic "Belt and Road" project with China Merchants Holdings, investment arm of China Merchants (CM) Group, to investigate and evaluate together investment opportunities.

02 Sep 2015

CMES Establishes Subsidiary for Valemax

China Merchants Energy Shipping Co., Ltd (CMES), the dry and wet bulk arm of state conglomerate China Merchants Holdings (International) Company Limited, has set up a wholly owned subsidiary China VLOC Company Limited to operate 400,000 dwt ore carriers in Hong Kong. The new Hong Kong-based subsidiary will own the four Very Large Ore Carriers (VLOC) or "Valemax" vessels, purchased at a total price of $448m by CMES. The 400,000-deadweight-tonne ships are some of the largest ships ever built and were sold under accords between Vale and China Merchants. CMES had earlier entered into a deal for it to order 10 VLOCs against a 25-year contract of affreightment (COA) with Vale.

01 Sep 2015

China Merchants Profit up 29pct

While China’s ports continue to face growth pressure, the country’s largest port operator is reaping the rewards of years of investments in overseas projects. China Merchants Holdings (International) reported first-half net profit rose 29 per cent to HK$2.78 billion  ($US 361 million)  from a year ago, after throughput gains at Chinese terminals exceeded China’s overall container growth rate and traffic through overseas facilities rose at a double-digit clip. The profit is driven by steady growth from ports and contributions from overseas greenfield projects. Chairman Li Jianhong said he expected the growth of mainland operations to slow, but noted an overall growth in the second half can be sustained.

06 Feb 2015

Hutchison Chinese Ports Assets for Sale

The South China Morning Post has reported Hong Kong billionaire Li Ka-shing's Hutchison Whampoa Ltd is mulling the possible sale of a 40 percent stake of Hutchison Port Holdings (HPH) to a quartet of state-owned mainland China companies. If it goes through, the move would underscore Hutchison’s recent tactic of monetizing port assets to free up capital to support other high-growing businesses. HPH is talking to a consortium of mainland Chinese companies as it is planning to a HK$160 billion ($20.6 billion) stake in its ports business. Hutchison holds an 80 percent stake in HPH, the world's largest container port operator by throughput with a foothold in 52 ports in 26 countries.

27 Oct 2014

Tanzania: China-Funded Port Work Starts in 2015

Construction of a Chinese-funded port and special economic zone in Tanzania worth at least $10 billion will start in July 2015, the president's office said in a statement on Monday, for the first time setting a start date for the delayed initiative. Tanzania aims to build a huge port at Bagamoyo, 75 km (47 miles) north of commercial capital Dar es Salaam, the site of the country's main port, where shippers complain of congestion and inefficiencies. A construction agreement for the port and associated zone was signed on Sunday and follows a framework deal signed last year. An official said a start date for building work had taken time to set because of other negotiations about infrastructure to link the port to national transport networks.

17 Sep 2014

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of deals signed during a visit by President Xi Jinping to the island nation. Keen to establish its presence in the Indian Ocean, China has spent millions of dollars building ports and roads across the region in a strategy dubbed the String of Pearls. China Merchants Holdings said in a statement late on Tuesday that it and China Harbour Engineering Company (CHEC), a subsidiary of China Communications Construction Group , had entered a joint venture with the Sri Lanka Ports Authority to develop and operate a container terminal for the Hambantota Port Development.

26 Nov 2013

World Shipping (China) Summit 2013 Hosted by HK Company

World Shipping China Summit 2013: Photo courtesy of CMHI

"World Shipping (China) Summit 2013" held in Ningbo, focused on the theme 'Responding to New Realities' with Hong Kong-based terminal & shipping group China Merchants Holdings International Co. (CMHI) acting as its special sponsor in conjunction with COSCO. The summit, whose members were not precisely identified in news released of the meeting, addressed special concerns on the impact caused by China's economic restructure of the shipping industry, and considered: "China Factor" Evolution [sic]…

15 Oct 2013

Moody's Upgrades CMA CGM's Financial Outlook

Photo: CMA CGM

Moody's Investors Service has upgraded CMA CGM S.A.'s corporate family rating (CFR) to B2 from B3 and the company's probability of default rating to B2-PD from B3-PD. Concurrently, the rating agency has upgraded to Caa1 (LGD5/84) from Caa2 (LGD5/80) CMA CGM's EUR325 million and $475 million worth of senior unsecured notes maturing in 2019 and 2017, respectively. The outlook on the ratings is stable. "We have upgraded CMA CGM's rating to B2 to recognize the return of the company…

29 Aug 2013

CMA CGM Reports Q2 Operating Performance

The Board of Directors of France’s CMA CGM container shipping group met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter 2013. In the second quarter, consolidated revenue amounted to $4 billion, up 5.6% over the first quarter and down 2.4% year-on-year. The year-on-year decline reflected a 6.9% increase in volumes carried, to 2.9 million TEUs, even as the Group’s average freight rate shrank 8.6% over the period, amid an even sharper contraction in the industry as a whole. During the period, CMA CGM reported $418 million in consolidated EBIT, up 7% year-on-year.

20 Jun 2013

China Merchants' Guestimate Container Terminal Growth

China Merchants HK AGM: Photo credit the company

China Merchants Holdings (International) Company recently held its AGM in Hong Kong and the Vice-Chairman predicted figures in the company's container terminal operation interests. The Company's Vice Chairman Li Jianhong, Managing Director Hu Jianhua, Deputy Managing Director Zheng Shaoping and Deputy General Manager & CFO Zhang Rizhong were interviewed by journalists after the AGM. Mr. Li Jianhong said: "This year from January to May, the company's container throughput growth is higher in north than south. The Mainland China and overseas overall growth is 9.2%.

12 Feb 2013

CMA CGM Completes Financial Restructuring

Closing of the agreement with its Banks regarding its debt restructuring. This agreement provides for a new covenant package taking into account the industry’s volatility and a partial refinancing of a credit line maturing in 2013 into new secured term loans of a maturity of more than 3 years for a total amount of EUR 280 million . Signing of a binding agreement with the French Fonds Stratégique d’Investissement who at closing, expected within 3 months, will subscribe to bonds redeemable in shares for an amount of US$150 million giving right to a 6% stake in CMA CGM upon conversion. Closing of the subscription, under the terms of the existing agreement, by the Yildirim Group of bonds redeemable in shares for an amount of US$100 million giving right to a 4% stake in CMA CGM upon conversion.

11 Jun 2013

CMHI and CMA CGM Complete Terminal Link Transaction

China Merchants Holdings (International) Company Limited (CMHI) and CMA CGM are pleased to announce the completion on June 11, 2013 of the sale and purchase of the 49% equity stake in Terminal Link, upon the obtaining of all consents and approvals in various jurisdictions and the completion of certain pre-closing corporate reorganizations as stipulated under the terms of the Acquisition Agreement. CMHI's intention to acquire from CMA CGM 49% equity interest in Terminal Link for €400 million was announced earlier in January. The Completion was formalised by the signing by both parties of a Shareholders Agreement. Among the many guests attended the signing ceremony in Luxembourg of the Shareholders Agreement were CMA CGM Executive Officer Farid Salem…

13 Jun 2013

China Merchants Holdings Complete Terminal Link Deal

Closing Ceremony: Photo credit China Merchants

China Merchants Holdings (International) announce completed acquisition of a 49% stake in container port operators Terminal Link from CMA CGM. "The smooth completion of this transaction,"China Merchants Group Assistant President & CMHI Managing Director Dr Hu Jianhua indicates," reflects the recognition and consent to the transaction from the governments from whose regulatory units consents and approvals were obtained. "The smooth completion of this transaction,"China Merchants Group Assistant President & CMHI Managing Director Dr Hu Jianhua indicates…