New partnership to develop Yangshan Port
Zhejiang Seaport Group has signed a strategic agreement with Shanghai International Port Group (SIPG) to jointly develop the Yangshan Port area.
The agreement will see Zhejiang Seaport Group invest US$740m to acquire 20% equity shares in SIPG’s subsidiary Shanghai Shengdong International Container Terminal Company, the operator of Yangshan Port, reported Splash.
The two groups will work together for the development of a new feeder container terminal in the north of Yangshan.
SIPG handled 40.01m teu in 2018, making it once again the largest container port in the world.
The port has been facing congestion issues over the past few years and is making effort to solve the issue by increasing its handling capacity.
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