China Shipping buys 30pc of Port of Qinhuangdao

CHINA Shipping Group has bought 30 per cent's stake in port of Qinhuangdao's New Harbour Container Terminal and plans to invest in more harbour facilities, the company revealed at the recent World Shipping (China) Summit held in Tianjin.

China Shipping president Li Shaode said the group has also bought 20 per cent in an Egyptian terminal which has a water depth of 17 metres and is going to sign an investment deal with another port operator at the end of November.

The New Harbour Container Terminal has another two shareholders - Qinhuangdao Port Group, which holds 55 per cent's stake, and Dalian Port Container Co Ltd, which holds 15 per cent's.

Mr Li said co-operation with port operators is an important part of China Shipping's global expansion strategy.