HPH, APM Terminals, COSCO, China Shipping share in Yangshan development
The Shanghai Municipal Government has selected a five-strong consortium headed by two of the world’s largest international port operators, Hutchison Port Holdings (HPH) and APM Terminals, to build and develop the second phase of the Yangshan Island port project.
HPH and A.P. Moller-Maersk affiliated APM Terminals will both take 32 percent stakes, while the Shanghai International Port (Group) Co. Ltd. (16 percent), COSCO Pacific (10 percent) and China Shipping Group (10 percent) were awarded the remaining shares.
Fully financed by Shanghai port operator Shanghai International Port (Group), the first phase of the Yangshan development was opened Dec. 10. to provide about 3 million TEUs in annual capacity. Maersk Sealand, another A.P. Moller-Maersk subsidiary, has already started Asia/Europe calls at Yangshan Phase 1.
The second phase of the development, expected to cost between $600 million to $850 million to build, is scheduled to be complete in December 2006 with four 1,400-meter (4,593 feet) berths and a land area of 640,000 square meters. The island terminal will be served by a 32-kilometer, six-lane bridge, connecting it to the mainland city of Shanghai. The entire project is anticipated to add as much as 25 million TEUs in annual capacity by 2020.