China Shipping Group to sell stake in Yangshan Logistics Park to CSCL

CHINA Shipping Group plans to sell its 25 per cent stake in the 20-hectare logistics park at Shanghai's Yangshan port area to its subsidiary China Shipping Container Lines (CSCL) by July, said CSCL president Li Shaode.

CSCL currently holds 50 per cent of the logistics park. The acquisition will raise its stake to 75 per cent. China Shipping Logistics will hold the remaining 25 per cent, according to Xinhua.

China Shipping Group plans to inject the best terminal assets into CSCL in the shortest time possible, said Mr Li.

China Shipping Terminal Development recently signed a deal to purchase A 20 per cent stake in a terminal in southeast China's Fujian province, Mr Li said.

Earlier in August, China Shipping Terminal Development purchased a 30 per cent stake in a terminal from a North American carrier. China Shipping has also bought stake in Egypt's Port of Damietta.

China Shipping operates 16 terminals on mainland China, with a capacity of 15 million TEU. The carrier plans to raise the number of berths it operates by 70 per cent to 60, having an increase in capacity of 95 per cent to 36 million TEU from its present 18.5 million TEU.