Tianjin port operators merging
Two government-run port operators in Tianjin are joining forces, according to a report Tuesday in Lloyd’s List.
Tianjin Port Development Holdings will pay $1.4 billion to acquire a 56.8 percent stake in rival Tianjin Port Co.
The companies are already linked at management level but compete against one other for cargo into Tianjin, the report said.
Tianjin is the biggest port in the northern cluster of ports around China’s Bohai Rim. It’s also the nearest large container gateway to Beijing.
The two operators each handled about 2 million TEUs in 2008, part of Tianjin’s total throughput of 8.5 million TEUs, a near 20 percent rise over 2007 throughput.