Shanghai: Cosco Pacific, "K'' Line, Hanjin Shipping and Yang Ming have announced that they will take a stake in the new Euromax terminal, located in Rotterdam's Maasvlakte area, Europe's biggest cargo hub later this year. Each of the four partners will invest 12.5% by the end of this year and the remainder of the ownership of the terminal will be by Europe Container Terminals.
The terminal, scheduled to open on September 5, will have four berths and a capacity of 2.3m teu per year and be the fifth overseas investment by Cosco Pacific. The company's deputy managing director, Ken Chan has been reported as declaring the company would like to invest more overseas because international port projects only account for 11% of Cosco's profits from ports. Its remaining 89% of port earnings is generated from mainland hubs where investment opportunities are declining.
Cosco Pacific's negotiations with the Fujian Port Group are likely to be finalised by the year-end with Cosco Pacific and Yantian Port Group reportedly interested in a 30% stake in Fujian Port. The company has already invested in two other ports in Quanzhou and Xiamen in Fujian. [29/08/08]
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