Tangshan port, Cosco unit to set up logistics venture

Tangshan, a major port in Hebei Province, North China, announced that it plans to set up a container logistics joint venture with a subsidiary of COSCO Container Lines Co Ltd, according to sources, reported China Industry Daily News.


The venture will be called Tangshan Cosco Container Logistics Co and will have a registered capital of US$26.19 million. Tangshan Port will invest $12.84 million and hold a 49 percent stake while Cosco will hold the remaining 51 percent stake.


The venture will operate a container terminal construction project, which will involve a $27.43 million investment and a construction period of 12 months. After completion the terminal will have a throughput of 100,000 TEUs, 1.5 million tonnes of bulk-cargo and 500,000 tonnes of general cargo.
(Source:http://www.cargonewsasia.com)