Cosco Shipping Ports Limited announced in its statement that COSCO-HIT Terminals (Hong Kong) Limited, Asia Container Terminals Limited, Hongkong International Terminals Limited and Modern Terminals Limited entered into a Hong Kong Seaport Joint Operating Alliance Agreement. The collaboration aims to efficiently manage and operate the Kwai Tsing Port in Hong Kong, the 'Combined Terminal Facilities'.
According to the company's press release, the alliance aims to improve the value proposition of the Combined Terminal Facilities in the context of growing regional competition and maximising efficiencies to the benefit of customers and the industry.
Additionally, the partnership will create additional capacity by increasing the flexibility in the overall berth and yard planning among the 23 berths across the Combined Terminal Facilities to better accommodate the need of shipping alliances and optimise utilisation of the Combined Terminal Facilities and cost synergies.
For the time being, CHT has into its possession 2 berths in Terminal 8, ACT owns 2 berths in Terminal 8, HIT owns 12 berths in Terminals 4, 6, 7 and 9, and MTL owns 7 berths in Terminals 1, 2, 5 and 9.
The Kwai Tsing Port embodies nine container terminals with 24 births that are operated by the four alliance parties along with Goodman DP World. The latter handles over roughly about 80% of the total container throughput of Hong Kong.
Mr. Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports stated that
"I believe Hong Kong will continue to play a vital role in the regional and global trade."