Cosco strikes merger agreement
COSCO SHIPPING Ports has reportedly entered into a merger agreement with Tianjin Port Holdings and China Merchants International Terminals.
Under the agreement, the three groups will merge their Tianjin container terminal assets, Tianjin Port Container Terminal Company (TCT), Tianjin Five Continents International Container Terminal Company (FICT) and Tianjin Orient Container Terminal Company (TOCT), stated Splash.
Upon completion of the merger, TCT will be the entity to absorb all assets, credits, debts and employees of FICT and TOCT.
COSCO believes that the merger will optimise the allocation of resources, enhance the unified management of the relevant terminals and lower operational costs.
Port Strategy has contacted COSCO for comment.
By Rebecca Jeffrey
LATEST PRESS RELEASES
Bruks Siwertell has secured a further Siwertell ship unloader order from Israel’s Ashdod Port Compan... Read more
SANY Europe have had a very busy 1st half of 2019. Several orders have been secured and machines hav... Read more
Muscat, July 2019: With several developmental plans underway, including future projects, SOHAR Port ... Read more
Hutchison Ports BEST terminal in the Port of Barcelona has recently increased its storage and connec... Read more
Meridian Port Services (MPS) invested USD 1.5bn to expand the infrastructure of Tema Port in Ghana, ... Read more