COSCO Pacific, Hutchison announce Hong Kong terminal deal

   COSCO Pacific said that through a strategic partnership with Hutchison Port Holdings Trust, it is acquiring a 40 percent interest in Asia Container Terminal Holdings (ACT) for $212.65 million.
   ACT operates Terminal 8 west at Kwai Chung in Hong Kong, adjacent to Terminal 8 east, the COSCO–HIT Terminal, another terminal that COSCO Pacific jointly controls with a subsidiary of Hutchison.
   COSCO Pacific said the deal will allow it to increase its market share in Hong Kong. Combined, the two terminals form a quay length of 1,380 meters and encompass four berths with total annual capacity of 3.4 million TEUs. The terminal will be able to handle ultra-large container ships with capacity up to 19,000 TEUs.
   “Both terminals will enjoy the synergy of enhanced operating flexibility and efficiency, which is a key success factor in attracting increasing numbers of large container vessels to call and thus enhances both terminals’ business growth and profitability,” COSCO said.