[031219.EN.BIZ] Belt and Road: Qingdao Port Buys 33pc of Cosco's Abu Dhabi CT

QINGDAO Port International Development has agreed to purchase a 33 per cent stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59 million.

The terminal is CSP's first international greenfield subsidiary and offers a design capacity of 2.5 million TEU with 1,200 metres of quay.

The water depth of the terminal is 16.5 metres, allowing it to accommodate mega-vessels typically carrying in excess of 20,000 TEU.

At the time of the announcement, 90 per cent of the equity is owned by COSCO and the remaining 10 per cent is owned by an independent third party, meaning that Qingdao's share will be around 30 per cent.

Said Qingdao Port: "The acquisition of shares is an important step for the company to actively integrate into the Belt and Road Initiative development, further implement the internationalisation strategy and further deepen strategic cooperation with COSCO Shipping Ports."

Source : HKSG.