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Thursday, 02/12/2021, 08:18 (GMT +7)
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COSCO signs agreement to acquire Tianjin Container Terminal
Following the completion of the acquisition, COSCO SHIPPING Ports (Tianjin) and China Shipping Terminal Development Co. (CSTD) - also a subsidiary of COSCO, will hold 45% and 6% equity in Tianjin Container Terminal, respectively, for a total of 51%.
Tianjin Container Terminal (Image: Pixabay)
COSCO SHIPPING Ports (Tianjin) and China Shipping Terminal Development Co. (CSTD) signed a joint venture agreement with Tianjin Container Terminal (TCT) and terms of association with Tianjin Port Holdings Co. and China Merchants International Terminals (Tianjin) on November 24, 2021.
TCT will carry out the business registration procedures for the agreement and the terms of the partnership as soon as possible in order to complete all the precedent conditions of the acquisition and complete the acquisition and the disposal plans will take place simultaneously in the near future.
Upon completion of the acquisition, COSCO SHIPPING Ports (Tianjin) and CSTD, also a subsidiary of COSCO, will hold 45% and 6% equity in TCT, respectively, for a total of 51%.
TCT is located in the Beijing-Tianjin-Hebei Economic Circle and is highly competitive in the Bohai Rim Economic Area, according to a statement.
COSCO says this acquisition is in line with its strategic plan and COSCO will further enhance the Group's synergy with the OCEAN Alliance and further strengthen the Group's leading position in the Mainland China region.
COSCO is expected to fully facilitate the development of TCT as an international shipping hub in Northern China by proactively optimizing the operational efficiency of shipping lines calling into TCT and promote the synergy of the hub and transshipment network in the Bohai Rim Economic Area, thereby boosting the Group's market share and developing a strategic hub port in Northeast Asia.
In recent years, Tianjin Container Terminal has accelerated the construction of a world-class intelligent and green central port, exploring new avenues for upgrading and automation transformation of traditional container terminals, at the same time, successfully solved a number of technical problems during the automatic upgrading and conversion of container terminals, implemented a fully automatic operation mode, and the project started to fully operate in the beginning this year.
Read more:
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- COSCO updates Vietnam-Intra Asia sailing schedules in December 2021
- COSCO's 9-month net profit increased by 1,650% thanks to soaring volume and freight rates
- Wan Min appointed Chairman of COSCO Shipping
- Cosco Shipping Ports acquires shares in the port of Hamburg
- COSCO partners with Tesla to digitally transform logistics services
Source: Phaata.com (According to Cosco Shipping Ports)
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