Shanghai: CMA CGM Group today signed a 50-year concession agreement to build and operate a 1.7m teu container terminal in the Port of Tianjin in North China. The new terminal is expected to become operational in 2011 and will feature a 1100-meter quay.
It will be operated by a joint venture consisting of CMA CGM (with a 20% stake); Tianjin Port Holding Co., a Tianjin Port Group subsidiary listed on the Shanghai Stock Exchange (60%), and Hong Kong-based Asia International Shipping Ltd. (20%)
"With this new investment, CMA CGM has secured a strategic base in Tianjin, which is the port offering the best prospects of growth in North China," said Farid Salem, CMA CGM Group chief evp. "This will further improve the quality of service offered to our vessels, and therefore to our customers."
The group, which is already present in the Chinese port of Xiamen and operates a network of 64 offices across the country, currently offers 30 weekly services from China, with a departure every six hours. In 2006 it also acquired an 8% share in China Rail Intermodal, a project to design, build and manage a network of 18 railway container stations covering the entire Chinese territory, including Tianjin.
Located only 150 km from Beijing in the Binhai industrial zone, Tianjin provides a strong maritime link to the Chinese capital. It ranks 16th in the world in container traffic, with more than 7.1m teu handled in 2007, an increase of 19% over 2006. Volumes grew 22% in the first five months of 2008. [21/08/08]
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