Ningbo Port Group, which owns 75% stake, and APM Terminals will jointly invest and operate three berths comprising a one-kilometre quay in Ningbo's Meishan Container Terminal with annual maximum throughput of 2.8m teu. The new facility will become operational by 31 December 2014.
The deepwater Ningbo port is the world's sixth largest container port with throughput of 14.5m teu in 2011.
At current growth rate, Ningbo capacity utilisation will exceed 80% by the end of 2012, and the Meishan project for berths 3-5 represents the future source of capacity, according to APM Terminals.
“This agreement creates important, new port capacity needed for our customers in one of the fastest growing container markets in the world,” said Henrik Lundgaard Pedersen, ceo of APM Terminals Asia-Pacific region, based in Shanghai.
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