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China Shipping Terminal Development buys 20% stake in Busan container terminal

China Shipping Terminal Development buys 20% stake in Busan container terminal
China Shipping Terminal Development Co (CSTD) has penned an agreement in Shanghai with CJKEC to purchase a 20% stake in South Korea’s KEC Busan Container Terminal (KBCT) in Busan port.

The deal will see CSTD become the second largest shareholder in the container terminal, the Chinese firm announced on its website.

KBCT is located in the northern zone of Busan port, and is majority controlled by CJKEC. KBCT has five container shipping berths spanning 1,500 metres with draft of up to 16 metres. The berths are capable of handling boxships of up to 14,000 teu and moved 2.2m teu in 2014.

“The move by CSTD to invest in KBCT represents an important step in achieving consolidation in port operations after the company is sold to Cosco Pacific, and to continue to pursue strategic global expansion. The deal will also promote the container transportation business in Busan for Cosco Group and China Shipping Group after their merger,” CSTD stated.

The merger plan of Cosco and China Shipping revealed earlier mentioned that Hong Kong-listed Cosco Pacific will acquire all of the port and terminal assets of China Shipping which include CSTD.

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