COSCO launches 8,200-TEU ship at Yangshan opening
COSCO Container Lines launched the 8,204-TEU vessel “COSCO China” during the Dec. 10 opening of China’s largest port project, Yangshan deepwater port, located 30 kilometers from Shanghai.
Shanghai International Port (Group) Co. Ltd., the operator of Shanghai port, fully financed the first stage of the project, costing about $100 million. The first five container berths under the project’s first phase will provide 3 million TEUs in annual capacity. The entire project will add as much as 25 million TEUs in annual capacity by 2020.
Global port operators including Hutchison Port Holdings, PSA, APM Terminals, P&O Ports, and COSCO Pacific have all been touted as potential investors in the project, which is expected to cost about $600 million to build, not counting the cost of land.