World’s largest terminal operator to agree joint venture with Ningbo Port Group to expand China’s third largest port
APM Terminals is set to embark on a joint venture with Ningbo Port Co Ltd to expand China’s third largest port with a combined investment of US$673.4 million (4.29 billion yuan).
The joint venture will see the Ningbo Port Group and the port operating arm of AP Moller-Maersk invest in and operate berths 3, 4 and 4 at Ningbo's Meishan Container Terminal, according to a statement issued to the Shanghai Stock Exchange on Friday.
APM Terminals will take a 33 percent in the venture, comprising of a kilometre long quay, with an investment of 7.08 billion yuan, while Ningbo Port Co Ltd will hold a 67 percent stake and will invest a further 1.44 billion yuan.
The Port of Ningbo, the sixth largest container port in the world, boasts a total of 191 berths including 39 deep water facilities with a cargo handling-capacity of over 10,000 tonnes.