COSCO SHIPPING Ports Limited has acquired 12.5 per cent and 30 per cent ownership holdings in Thai Laemchabang Terminal Co., Ltd. (TLT) and Hutchison Laemchabang Terminal Limited (HLT).
ZHAO Fengnian, the Chief Accountant, signed the project agreement with collaborating firms on behalf of COSCO SHIPPING Ports at the project signing event in Vietnam on 23 October 2024, in the presence of ZHU Tao, the Chairman of the Board of COSCO SHIPPING Ports.
The consideration for the acquisition is approximately $110 million, which includes the Berth A2
in TLT, Berths A3, C1-C2 and D1-D3 in HLT, where D1-D3 is partly under construction.
The total annual capacity will be approximately 6.7 million TEUs once fully completed and operational.
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COSCO noted that the Thai government’s backing for Laem Chabang Port will lead to further infrastructure development and growth, including the Thailand Eastern Economic Corridor project.
Currently, the Laem Chabang Port is the primary port of call for COSCO SHIPPING Lines’ twin brands in Thailand.
The acquisition will help further develop the trade and economic ties between China and Thailand. It
will also help COSCO SHIPPING Ports optimise the layout of port resources and deepen the
synergies between port and shipping companies.
COSCO believes that the acquisition is of great strategic significance and has good market growth prospects, helping improve the performance of existing global network services on a continuous.
In September, COSCO SHIPPING held a naming ceremony in Changxing Island, Shanghai, for two vessels part of Qatar Energy’s LNG transportation project.