Evergreen, OOCL and Hutchison invest in Ningbo port
The Taiwanese Evergreen group, Orient Overseas Container Line and the Hong Kong-based Hutchison Whampoa group, parent of Hutchison Port Holdings, are investing in the development of container terminals in the deepwater port of Ningbo, China.
The most noteworthy development is the investment of Evergreen, a Taiwanese group, in mainland China. The Ninbgo investment will be its first marine terminal investment on the mainland, but will be channeled through its Italian subsidiary Lloyd Triestino.
A spokesman for Evergreen in London said Lloyd Triestino (Hong Kong), an Evergreen affiliate, has signed a contract with the port of Ningbo for the development of two container berths in the deepwater Beilun area of the port. Reuters reported Evergreen’s investment as $125 million.
Located south of Shanghai, Ningbo is a natural deepwater port that aims to become a major deep-draft container port for the Yangtze Delta and its hinterland. The port of Shanghai, China’s largest, is restricted by draft limits for large containerships.
OOCL also said today it has signed a letter of intent under which OOCL will jointly invest with the Ningbo Port Group and others in the development of a five-berth container terminal at Beilun.
“Involving a total waterfront of 1,650 meters (5,400 feet) with a draft of 17 meters (56 feet), OOCL will take a 20 percent stake in the project which will involve a total investment of up to $650 million,” the Hong Kong-based shipping line said.
Hutchison will invest in a separate $150 million project to expand Ningbo, Reuters reported.