DP World to build 2.2 million-TEU terminal at Port of Tianjin

DP World to build 2.2 million-TEU terminal at Port of Tianjin    DP World and the Tianjin Port Group Co. Ltd. will invest $500 million to develop the Man-made Island Phase 2 Container Terminal Project, at the Port of Tianjin.
   The project, in the Bohai Area of Northern China, includes plans for a 140 hectare terminal area, with a 1,400-meter quay length, and an annual handling capacity of 2.2 million TEUs. Reclamation work for the development is already underway and operations are scheduled to begin in 2011.
   DP World and the Tianjin Port Group jointly operate the Tianjin Orient Container Terminal at the port.
   “China is a key market for DP World and its customers, and this agreement underlines our commitment to investment in the country,” said Jamal Majid Bin Thaniah, vice chairman of DP World and Group chief executive officer of P&F World.
   “It further strengthens the already thriving trade links between Dubai and China and we look forward to enhancing our long term relationship. Given the robust economic growth rates in the region and the anticipated future capacity requirements, the investment is timely.”
   The Port of Tianjin is China’s fifth-largest container port, handling 4.8 million TEUs a year. Last week, Tianjin Port Group, APM Terminals and COSCO Pacific Ltd. signed a joint venture contract to develop and operate three berths at Tianjin’s North Port, which will have a capacity of 1.8 million TEUs.