Operators Ink Co-Management Deal for Kwai Tsing Terminals

Image Courtesy: COSCO SHIPPING Ports Limited

COSCO-HIT Terminals (Hong Kong) Limited (CHT), Asia Container Terminals Limited (ACT) and Hongkong International Terminals Limited (HIT) have signed a co-management deal in relation to the operation of the 16 berths across Terminals 4, 6, 7, 8 and 9 of Kwai Tsing, New Territories, Hong Kong.

Taking into account the changing dynamics of the shipping industry with the formation of strategic alliances between shipping lines, the arrangement is expected to create additional capacity by increasing the flexibility in the overall berth and yard planning among the 16 berths across the terminals.

CHT, which owns 2 berths in Terminal 8 East, is held as to 50% by each of COSCO SHIPPING Ports Limited and container port business trust Hutchison Port Holdings Trust (HPHT) through intermediary companies. ACT, which owns 2 berths in Terminal 8 West, is held as to 60% and 40%, respectively by COSCO SHIPPING Ports Limited and HPHT through intermediary companies, while HIT, a wholly-owned subsidiary of HPHT, owns 12 berths in Terminals 4, 6, 7 and 9.

Pursuant to the agreement, signed on December 19, one management team will be responsible for the day-to-day operations and for managing, operating and conducting the business of the container terminal facilities of the terminals in order to improve efficiencies in operation.

The revenue and expenses from the management and operation of the facilities will be allocated among the parties by reference to the respective designed capacity of the facilities owned by each party.

COSCO SHIPPING Ports said that the agreement may be terminated by any party in certain circumstances upon the giving of not less than three months’ written notice.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >