HUTCHISON, COSCO VENTURE TAKES OVER SHANGHAI TERMINAL

HUTCHISON, COSCO VENTURE TAKES OVER SHANGHAI TERMINAL    A new joint venture formed by Shanghai Waigaoqiao Free Trade Zone Stevedoring Co., Hong Kong-based port group Hutchison, an affiliate of COSCO and Shanghai Investment Infrastructure Holdings Ltd. has taken over the operation of Wai Gao Qiao Terminal Phase 1 in the port of Shanghai.
   The terminal was previously operated by the port authority of Shanghai.
   The port joint venture, named Shanghai Pudong International Terminals Ltd., has a share capital of RMB1.9 billion (about $230 million).
   It is owned by Shanghai Waigaoqiao Free Trade Zone Stevedoring (40 percent share), Hutchison Ports Pudong Ltd. (30 percent), COSCO Pacific (China) Investments Ltd. (20 percent) and Shanghai Investment Infrastructure Holdings (10 percent).
   The venture has a tenure of 50 years and is located in the Waigaoqiao Free Trade Zone. The existing terminal taken over by the joint venture has three berths with a total quay length of 900 meters, and the capacity to handle the latest generation container vessels, a spokesman for Hutchison said.
   The terminal covers a total area of 50 hectares, including a container freight station, reefer facilities and dangerous goods handling areas. In 2002, the container terminal handled over 1.78 million TEUs.
   A separate joint venture between the Shanghai port authority and APM Terminals has recently started operating the 163-hectare, four-berth terminal of Wai Gao Qiao Phase 4 in Shanghai.
   The port of Shanghai — China largest container port — saw its container traffic soar by 34 percent last year, to 8.6 million TEUs.