P&O Ports plans to double Vostochny capacity

P&O Ports plans to double Vostochny capacity    P&O Ports and Transportation Investments Holding Ltd. (TIHL) have established a joint venture company to double the size of their operations at the port of Vostochny in Russia.
   P&O Ports originally owned a 25 percent stake in Vostochny International Container Services (VICS), which holds a long term concession to operate two container berths with a capacity of 400,000 TEUs at the Russian port. Following the agreement with TIHL, P&O Ports has 25 percent of the new joint venture, Railfleet Holdings Ltd. (RHL). RHL holds 100 percent of VICS and freehold rights to four container berths.
   Total capacity of the four berths, comprising the current two berths operated by VICS and two adjacent berths, is estimated at 800,000 to 1 million TEUs when fully equipped.
   P&O Ports paid a $16 million cash consideration to TIHL as part of the agreement. TIHL owns Russian transport companies Severstaltrans, Balttransservice and New Forwarding Co.