Three Chinese Container Terminals to Merge
Three Chinese container shipping terminals at Tianjin have entered into a consolidation agreement designed to reduce operating costs.
Tianjin Port Container Terminal will remain as the surviving entity of the merger, absorbing Tianjin Five Continents International Container Terminal and Tianjin Orient International Container Terminal.
The shareholders will hold equity interest in the new Tianjin Port Container company. COSCO Shipping Ports is a substantial shareholder of Tianjin Orient and Tianjin Five Continents, while China Shipping Terminal and China Merchants are substantial shareholders of Tianjin Five Continents.
Upon completion of the merger, the group will hold a 76.68 percent equity interest in the new Tianjin Port Container entity. The group anticipates reduced the operating costs, coordinated operational resources, unification of the service standard and enhanced the usage efficiency of terminals and depots.
In June, Tianjin Five Continents International Container Terminal automated its 31 rail mounted gantry cranes using the Navis N4 system. The terminal was designed with an initial capacity of 1.5 million TEU. With the rise of megaships, the terminal is now operating at its maximum capacity and often well beyond it.
The Port of Tianjin is the 10th busiest port in the world and the largest port in Northern China,