Cosco and China Shipping in Fuzhou Jiangyin Port project

Shanghai: The Fujian provincial government says the COSCO Group and the China Shipping Group will acquire stakes in the Fuzhou Jiangyin Port District and the latter will participate in the projects of berths No. 1 to No.5 while the former had earlier agreements with the province of a RMB5 billion commitment. Jiangyin No. 4 and No.5 berth are already under construction and are expected to operate in March 2009. The two 50,000-tonne capacity container berths are jointly constructed by the COSCO Group and PSA International with a planned annual volume of 700,000 teu. Also COSCO Pacific Limited of the COSCO Group plans to join Fuzhou Port Group to build projects like the Fuzhou Port Jiangyin Port container berths and the Kemen Port cargo distribution and transfer center. [05/02/08]