Others News
- China Merchants to build Shenzhen terminal
Date: 30-Oct-2007 Sources: (Shenzhen Daily)
CHINA Merchants Holdings (International) Co., owner of stakes in the country's five largest container ports, plans to build a 3.5 billion yuan (US$468 million) multipurpose terminal in Shenzhen.
The company aimed to build the terminal in Mawan's Qianhaiwan district and develop it into five berths, chairman Fu Yuning told reporters in Shenzhen on Friday.
The first berth, to cost less than 700 million yuan, will be used for bulk cargo and will have a capacity of 100,000 tons. Construction will start next year.
'Bulk cargo business should continue to prosper over the next two to three years,'' said Roslyn Ji, an analyst at Core Pacific-Yamaichi International Ltd. in Hong Kong.
'The company wants to diversify their business as most of the container terminals are mature and developed,'' Ji said.
China Merchants is benefiting from expanding global trade as the country exports more clothing, computers and other goods to Europe and the United States.
It plans to increase investment in bulk terminals because of rising imports of raw materials in China, already the biggest user of steel, rubber and coal.
'The terminal can be used for containers or for bulk cargo,'' Fu said. 'It depends on the needs of the market.''
China Merchants expected bulk terminals to account for more than 10 percent of the company's sales and profit, Fu said last month, without providing a timetable.
The company handled 77.5 million tons at its bulk cargo terminals in the first six months of 2007, up 7 percent from a year earlier, according to a Sept. 19 company statement.
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