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Dalian port to acquire Jinzhou Port

Dalian port to acquire Jinzhou Port

Beijing: Dalian Port has announced its intention to purchase its neighbrouring port, Jinzhou Port, for an undisclosed amount this year, Reuters writes quoting Xia Deren, the mayor of the northern city of Dalian.

"We are ready to take control of Jinzhou Port this year," Xia said. "We have the plan and are in negotiations."

Last year, Jinzhou Port said Dalian Port would buy an 18.9 percent stake in it for about 1.91bn yuan ($278m) to become its second-biggest shareholder and a strategic partner.Xia also said Dalian Port's February container throughput fell 10% from a year earlier, its largest drop. "It is the worst month for the port in history," Xia said.

This year will be another tough year for the port, as the gloomy world economy is expected to further damp cross border trade, said Xia, adding that he was hoping to see some recovering signs in the second half of the year.

Dalian port, which operates China's second-largest oil port, said in January total container throughput at its terminals rose 28.3% year-on-year to 5.452m teu in 2008.  [06/03/09]