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CMA CGM signs first port investment in China

CMA CGM signs first port investment in China

Beijing: French container liner group CMA CGM has signed a strategic cooperation agreement with the Municipality of Xiamen (province of Fujian) and New World Services Holding Ltd for the development of the port of Haicang at Xiamen. The agreement will see the partners invest in the construction and management of a deep-water container terminal scheduled to be operational in 2009.

This will be CMA CGM's first port investment project in China and will bring its total number of port investments to 17 worldwide. The group already holds eight percent share in the $1.6bn China Rail Intermodal project since 2006, to conceive, build and manage a network of 18 railway container stations, covering the entire Chinese territory.

"Thanks to this new terminal, CMA CGM container ships will benefit from a better quality of service in Xiamen, which will become a transshipment hub for the Group in South China, allowing lines to rationalize their operations in the area," said Jacques Saade, founder and President of CMA CGM adding that the group also wishes to invest in the ports of Tianjin (Northern China) and Shanghai/Yangshan (China Center).

CMA CGM anticipates a throughput of 280,000teu of international traffic in China for 2007. The port of Xiamen saw container traffic of more than four million teu in 2006 and expects a 13% growth for 2007. New World is a well established Hong Kong based group, which has a rich experience of investments in transport infrastructure projects in China, especially in ports (Xiamen, Tianjin, Dalian, Wenzhou).  [26/11/07]