A subsidiary of Singapore's port operator PSA International has signed an agreement to acquire stakes in a new container terminal in Lianyungang, an eastern China port in Jiangsu province, Xinhua reports.
The joint venture between PSA and Lianyungang Port Group will take over the container terminal project from China Shipping Container Lines, which has moved to cut terminal assets in order to get back in the black.
The container terminal has a designed capacity of 2.8 million TEU and will be capable of handling the world's largest container vessels. It has a quay length of 1,700 metres, super-post Panamax quay cranes and a water depth of 16.5 metres. The terminal is expected to commence operations in 2014.
The joint venture, subject to regulatory approval, marks PSA's first major foray into the Yangtze River Delta region, which is one of the most important economic regions in China.
"Lianyungang's strategic location, established transport infrastructure and extensive hinterland offer tremendous potential for this joint venture to ride the waves of continuous growth in the Yangtze River Delta region," said Tan Chong Meng, Group CEO of PSA.
Lianyungang Port Group chairman Bai Li Qun said: "Lianyungang Port handles the highest intermodal container volume by sea and rail in China, servicing the hinterland of Central and West China."
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