The formal collaboration will see 16 berths at five terminals currently operated by Hongkong International Terminals (HIT), Cosco-HIT Terminals (Hong Kong) (CHT) and Asia Container Terminals (ACT) coming under one management for more efficient co-management and operation, the two groups said in a press release.
"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," they said.
The two companies added that the new strategic arrangement creating the Combined Terminals at Hong Kong's main container terminal facility in Kwai Tsing, will 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," they noted.
According to HPH Trust and CSP, 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.
Between them, HIT owns 12 berths in Terminals 4, 6, 7 and 9 while CHT and ACT own two berths each in Terminal 8 East and Terminal 8 West respectively. This effectively puts control of two thirds of the 24 berths at the port under the control of one entity and leaves essentially leaves only one operator, Modern Terminals, unaligned. ACT is majority owned by CSP.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.