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CMA CGM invests in Port of Tianjin |
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27/08/2008 |
| The CMA CGM Group has signed a 50-year concession agreement to build and operate a container terminal in the Port of Tianjin in North China.
The new terminal, which is expected to become operational in 2011, will feature a 1,100-metre quay and an annual capacity of 1.7 million TEUs.
The terminal will be operated by a joint venture consisting of CMA CGM (with 20 per cent stake); Tianjin Port Holding Co., a Tianjin Port Group subsidiary listed on the Shanghai Stock Exchange (60 per cent), and the Hong Kong-based Asia International Shipping Ltd. (20 per cent).
Located only 150 km from Beijing in the Binhai industrial zone, Tianjin is the natural maritime link to the Chinese capital. It ranks 16th in the world in container traffic, with more than 7.1 million TEUs handled in 2007, an increase of 19 per cent over 2006. Volumes grew by 22 per cent in the first five months of 2008.
Ten years after its first call in Tianjin, CMA CGM has become one of the port’s leading operators for international traffic, with volumes of 400,000 TEUs in 2007, a 33 per cent jump over 2006.
"With this new investment, CMA CGM has secured a strategic base in Tianjin, which is offering the best prospects of growth in North China. This will further improve the quality of service offered to our vessels, and, therefore, to our customers", explained Mr Farid Salem, Chief Executive Vice-President.
This will be CMA CGM’s 26th investment in port terminals worldwide.
The Group is already present in the Chinese port of Xiamen—ranked 22nd among the world’s top container ports—via a cooperation agreement signed in November 2007. In 2006, the Group also acquired a 8 per cent share in China Rail Intermodal, a project to design, build and manage a network of 18 railway container stations covering the entire Chinese territory, including Tianjin.
The container shipping giant has developed a dense network of 64 offices in China, where it has had a presence since 1992. The Group currently offers 30 weekly services from China with a departure every six hours. |
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