COSCO, HPH Terminal Deal in Hong Kong
Hongkong International Terminals Limited (HIT), COSCO-HIT Terminals (Hong Kong) Limited (CHT), and Asia Container Terminals Limited (ACT) have entered into a formal collaboration for the co-management and operation of 16 berths across Terminals 4, 6, 7, 8 and 9 at Kwai Tsing, New Territories, Hong Kong.
The revenue and expenses from the management and operation of the facilities of the Combined Terminals will be allocated among the parties by reference to the respective designed capacity of the facilities owned by each party.
In a confident response to the changing dynamics of the global shipping industry, which are reflected by the emergence of new strategic alliances between shipping lines, the three companies believe that the Combined Terminals collaboration will allow for the most effective use of facilities and manpower resources.
Efficiency will also be enhanced under the new set-up as one management team will be responsible for the terminals’ day-to-day operations.
This new strategic arrangement would create additional capacity by increasing flexibility in berth and yard planning among all three terminals. This timely improvement will allow the Combined Terminals to better accommodate the need of shipping alliances for enhanced service and increase the overall competitiveness.
This forward-looking move will help sustain Hong Kong's position as a leading transshipment hub in the region.
HIT owns 12 berths in Terminals 4, 6, 7 and 9 while CHT and ACT own 2 berths each in Terminal 8 East and Terminal 8 West respectively.
