QQCTU joint venture holds contract signing ceremony
QQCTU joint venture holds contract signing ceremony
11:54, December 19, 2009 
Email | Print | Subscribe | Comments | Forum 
The contract signing ceremony of Qingdao Qianwan United Container Terminal Company (QQCTU) was held in Qingdao on December 18.
The signing ceremony
QQCTU, with total assets of about 7 billion Hong Kong dollars, is a joint venture operating four container berths of the fourth phase project of the Qingdao New Qianwan Container Terminal Company (QQCTN) and five container berths of the China Merchants International Container Terminal (Qingdao) Company (CMT). The length of the nine berths totals 3,163 meters.
QQCTU was invested and established jointly by QQCTN, which was organized and established by five parties from three countries, namely, Qingdao Port Group, the United Arab Emirates-based DP World, China Ocean Shipping Group (COSCO), Denmark's A.P. Moller-Maersk Group and Hong Kong's Pan Asia International Shipping, as well as by CMT, which was invested and established by China Merchants Holdings (International) Company (HKSE: 00144). Each of the two parties holds half of QQCTU's shares.
Chang Dechuan, Chairman & President of Qingdao Port Group
Officials from relevant national ministries and commissions, Shandong provincial and Qingdao municipal governments, and representatives from the both parties, as well as from port and shipping enterprises were present at the signing ceremony.
China Merchants Group Limited President Dr.Fu Yuning
The establishment of QQCTU with the cooperation of six parties from three countries, compared to the cooperation of five parties from three countries, is beneficial to pool development strength, increase the capabilities of Qingdao container terminals and boost competitiveness as a whole. It helps to maximize the benefits of resources and form a healthy and orderly container shipping market. It also helps to cope with the international container shipping structural adjustment as a result of the financial crisis and adapt to the changes in the international container shipping market. It encourages shareholders of all parties to respect and complement each other in order to integrate cultures and achieve win-win. More importantly, it will actively promote the development of port and marine economies, and the construction of a regional economic hub and a Northeast Asia International Maritime Center, which will in effect make contributions to stimulate the better and faster economic development of Qingdao, Shandong Province and the entire country.
By Jia Zhencheng, People's Daily Overseas Edition
The signing ceremony
QQCTU, with total assets of about 7 billion Hong Kong dollars, is a joint venture operating four container berths of the fourth phase project of the Qingdao New Qianwan Container Terminal Company (QQCTN) and five container berths of the China Merchants International Container Terminal (Qingdao) Company (CMT). The length of the nine berths totals 3,163 meters.
QQCTU was invested and established jointly by QQCTN, which was organized and established by five parties from three countries, namely, Qingdao Port Group, the United Arab Emirates-based DP World, China Ocean Shipping Group (COSCO), Denmark's A.P. Moller-Maersk Group and Hong Kong's Pan Asia International Shipping, as well as by CMT, which was invested and established by China Merchants Holdings (International) Company (HKSE: 00144). Each of the two parties holds half of QQCTU's shares.
Chang Dechuan, Chairman & President of Qingdao Port Group
Officials from relevant national ministries and commissions, Shandong provincial and Qingdao municipal governments, and representatives from the both parties, as well as from port and shipping enterprises were present at the signing ceremony.
China Merchants Group Limited President Dr.Fu Yuning
The establishment of QQCTU with the cooperation of six parties from three countries, compared to the cooperation of five parties from three countries, is beneficial to pool development strength, increase the capabilities of Qingdao container terminals and boost competitiveness as a whole. It helps to maximize the benefits of resources and form a healthy and orderly container shipping market. It also helps to cope with the international container shipping structural adjustment as a result of the financial crisis and adapt to the changes in the international container shipping market. It encourages shareholders of all parties to respect and complement each other in order to integrate cultures and achieve win-win. More importantly, it will actively promote the development of port and marine economies, and the construction of a regional economic hub and a Northeast Asia International Maritime Center, which will in effect make contributions to stimulate the better and faster economic development of Qingdao, Shandong Province and the entire country.
By Jia Zhencheng, People's Daily Overseas Edition
Special Coverage
Major headlines
Editor's Pick
Most Popular
Hot Forum Dicussion
