Joint venture established to develop Ningbo terminal

Joint venture established to develop Ningbo terminal    COSCO Pacific Ltd., Ningbo Port Group Ltd., OOCL Terminal (Ningbo) Ltd. and SDIC Communications Co. have established a joint venture company to develop Berth 7 of Beilun Terminal Phase 4 in the Chinese port of Ningbo.
   According to the joint venture agreement, Ningbo Port Group Ltd. owns 50 percent of the joint venture, with COSCO Ports (Ningbo Beilun) Ltd., a subsidiary of COSCO Pacific, and OOCL Terminal (Ningbo) Ltd. each owning 20 percent, and SDIC Communications Co. holding the remaining 10 percent.
   According to COSCO Pacific, the contracted total investment is approximately $140 million.
   Beilun Terminal Phase 4 has a designed capacity of 400,000 TEUs with a total site area of about 150,000 square meters. It’s quay length is 310 meters with a depth alongside of 15 meters. Basic construction work is expected to complete by the end of the year.
   In 2004, the port of Ningbo handled 4 million TEUs.