COSCO, HPH enter terminal deal in Hong Kong

The companies have entered into a collaboration for the co-management and operation of 16 berths across Terminals 4, 6, 7, 8 and 9 in Hong Kong.    COSCO SHIPPING Ports Limited and Hutchison Port Holdings (HPH) Trust said that Hongkong International Terminals Limited (HIT), COSCO-HIT Terminals (Hong Kong) Limited (CHT), and Asia Container Terminals Limited (ACT) have today entered into a formal collaboration for the co-management and operation of 16 berths across Terminals 4, 6, 7, 8 and 9 at Kwai Tsing, New Territories, Hong Kong.
   The collaboration will “allow for the most effective use of facilities and manpower resources,” according to a press release issued by COSCO SHIPPING Ports. “Efficiency will also be enhanced under the new set-up as one management team will be responsible for the terminals’ day-to-day operations.”
   The companies said revenues and expenses from the management and operation of the facilities of the combined terminals will be allocated among the parties by reference to the respective designed capacity of the facilities owned by each party. HIT owns 12 berths in Terminals 4, 6, 7 and 9, while CHT and ACT each own two berths in Terminal 8 East and Terminal 8 West, respectively.