Cosco Shipping Ports strikes terminal deal at Abu Dhabi Port

Hanjin Busan

Cosco Shipping Ports, the port terminal subsidiary of China Cosco Shipping Corp could be embarking on a period of terminal asset acquisition. No sooner was the ink drying on a deal that will see China Shipping Ports operate the new Khalifa Port Container Terminal II in Khalifa Port, when the parent company announced an interest in Hanjin’s Terminal interests.

China Shipping Ports is setting up a joint venture company with concession rights for a period of 35 years plus five at Khalifa Port Container Terminal II, where it will have a controlling stake. Phase I of the new terminal will begin operations in the first half of 2018, followed swiftly by phase II in 2020.

Meanwhile, Cosco Shipping chairman Xu Lirong, told an audience at the company’s rebranding ceremony that could be interested in acquiring some or all Hanjin’s 12 dedicated terminals and two logistics centres. At the same time Mr Lu ruled out any interest in Hanjin’s floating assets.

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