Port city to build new terminal ( 2003-12-19 02:11) (China Daily)
The opening ceremony of CSX World Terminals Yantai Co Ltd took place
yesterday in this coastal city, which is aiming to complete an annual container
handling capacity of 1 million TEUs (20-feet equivalent units) by 2007.
The 50-50 joint venture, with a total investment of US$99.16 million, has
been set up by CSX World Terminals (CSXWT) and Yantai Port Authority.
"The project will give a great impetus to container handling in Yantai,''
said Yantai City Party Secretary Yan Rongzhu. "Yantai's prosperity is very
reliant on its port development. Yantai Port, which is linked with more than 100
ports in more than 70 countries and regions, offers the city an advantage in
terms of attracting foreign trade.''
Container volume handled at Yantai Port in 2002 totalled 160,000 TEUs, with
the figure expected to top 260,000 TEUs for 2003.
The project is also part of the Phase III Container Terminal at Yantai Port.
CSXWT provides the terminal facility with operations management, global sales
and marketing and industry expertise.
"The terminal facility is located in one of the fastest growing container
markets in Asia. Shandong Province is close to Japan and South Korea, a location
that is ideal for an export-orientated economy,'' said Richard Chang, executive
director of CSX World Terminal Yantai.
CSXWT is a global provider of container terminal solutions, currently
operating 17 terminals and other related business globally. In China, CSX has
established joint ventures in Tianjin, Shanghai, Shenzhen, Xiamen and plans to
do so in Qingdao.
"Tianjin, Yantai and Qingdao are the major ports around the Bohai Bay
economic rim. The chain ports will make a quicker development as the operation
costs are growing in some major ports in southern China. And also the Northeast
Asia Economy Area, where the three ports are located, is expected to become the
most prosperous part of Asia,'' Chang said.
