China firms seek stake in Taiwan terminal

Yang Ming Marine Transport Corphas received separate offers from two Chinese shipping companies for a total 40 percent stake in a US$621.17 million terminal in Taiwan's largest harbour in Kaohsiung, a Yang Ming official said.

China Ocean Shipping (Group) Co, or Cosco, and China Merchants Group each proposed to buy a 20 percent stake in Kaohsiung's container terminal 6, which is being jointly built by Yang Ming and the Taiwan government, said the official, who declined to be named, reported Dow Jones Newswires.

Scheduled for completion in 2014, terminal 6 will allow Kaohsiung harbour to service the world's largest cargo ships. The terminal's first two berths are scheduled to begin operations in January 2011.

Yang Ming will need approval from the Ministry of Transportation and Communications and the Kaohsiung Port Authority before it can officially consider the proposals, the official added.

The investments would be the first in a Taiwan port by mainland China entities if they gain approval from the Taiwan government.
 

Source: Cargonews Asia