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China terminal operators take stake in new Kaohsiung terminal

China terminal operators take stake in new Kaohsiung terminal
Kaohsiung: China Merchants Holdings (International), together with Cosco Pacific and China Shipping Terminal Development (Hong Kong) have formed a joint venture company to acquire a $135m 30% stake from Yang Ming Marine Transport Corporation in Kao Ming Container Terminal Corp.

Each of them will hold a 10% effective stake in Kao Ming Terminal.

Following the deal, which is subject to regulatory approvals, Yang Ming Marine will hold a 60%, stake the Chinese JV 30%, and Ports American Group 10%. Kao Ming Terminal is the first phase of the Port of Kaohsiung's Intercontinental Container Terminal and came into operation in January 2011 with two berths, a quay length of 960 meters and a total annual handling capacity of 1.4 million teu.

Kao Ming Terminal is the only terminal which can accommodate 14,000-teu or over vessels at Port of Kaohsiung. The container throughput was about 1.08 million teu in the first year of operation.