NYK, PORT OF SHANGHAI AUTHORITY JOIN IN NEW TERMINAL VENTURE

NYK, PORT OF SHANGHAI AUTHORITY JOIN IN NEW TERMINAL VENTURE    NYK Line, the Shanghai Port Authority and Shanghai Automotive Industry Sales Corp. have signed a letter of intent to contribute to the capitalization of a new company that will operate an exclusive terminal handling finished cars in the port of Shanghai.
   The terminal is now under construction in the Waigaoqiao free trade zone of the Chinese port.
   “The new facility will be the first terminal in China dedicated to the handling of finished cars shipped by sea,” NYK said.
   The three partners will invest a total of 500 million yuan ($60 million) in the terminal operating company.
   Due to start operations in June 2003, Shanghai International Auto Logistics Terminal Co. Ltd. will occupy a 300,000-square-meter site in the free trade zone, adjacent to the Waigaoqiao container terminal in the port of Shanghai.
   NYK said that the terminal will supplement the activities of NYKCOS Car Carrier Co. Ltd., a joint venture between NYK and the China Ocean Shipping Co. group for the seaborne transport of finished cars. The terminal operating joint venture will be engaged in the roll-on/roll-off handling of cars, bonded warehousing, distribution and dispatching.

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