The parties said that the move is a confident response to the changing dynamics of the global shipping industry, which are reflected by the emergence of new strategic alliances between shipping lines.
ZHANG Wei, vice chairman and managing director COSCO Shipping Ports Limited, said in a company statement: “Taking into account the changing dynamics of the shipping industry with the formation of strategic alliances between shipping lines, the Company is of the view that the arrangement would create additional capacity by increasing the flexibility in the overall berth and yard planning among the 16 berths across the Combined Terminals.”
“This will better accommodate the need of such shipping alliances for enhanced service, thereby increasing the overall competitiveness of the Combined Terminals.”
The statement also said that the Combined Terminals collaboration will allow for the most effective manpower resources, which will include one management team who will be responsible for the terminals’ day-to-day operations.
All revenue and expenses from the management and operation of the facilities of the Combined Terminals will be allocated among the parties by reference to the respective designed capacity of the facilities owned by each party.
HIT owns 12 berths in Terminals 4, 6, 7 and 9 while CHT and ACT own 2 berths each in Terminal 8 East and Terminal 8 West respectively.
