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Signing of Co-management Agreement Between COSCO SHIPPING Ports Limited and Hutchison Port Holdings Trust

Date:2016-12-20 Read times: font size:[ L M S ]

On December 19, 2016, COSCO SHIPPING Ports Limited and Hutchison Port Holdings Trust wish to make the announcement that Hongkong International Terminals Limited (HIT), COSCO-HIT Terminals (Hong Kong) Limited (CHT) and Asia Container Terminals Limited (ACT) have today entered into a formal collaboration for the efficient co-management and operation of 16 berths across Terminals 4, 6, 7, 8 and 9 (together the “Combined Terminals”) at Kwai Tsing, New Territories, Hong Kong. As witnessed by Mr. Huang Xiaowen, Executive Vice President of China COSCO Shipping Corporation Limited, Mr. Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports and Mr. Eric Ip, Group Managing Director of Hutchison Port Holdings Limited. Mr. Zhang Dayu, Deputy Managing Director of COSCO SHIPPING Ports, and Mr. Gerry Yim, Chief Executive Officer of Hutchison Port Holdings Trust signed the Agreement.

By agreement, Combined Terminals collaboration will allow for the most effective use of facilities and manpower resources. Efficiency will also be enhanced under the new set-up as one management team will be responsible for the terminals’ day-to-day operations. This new strategic arrangement would create additional capacity by increasing flexibility in berth and yard planning among all three terminals. This timely improvement will allow the Combined Terminals to better accommodate the need of shipping alliances for enhanced service and increase the overall competitiveness. This forward-looking move will help sustain Hong Kong's position as a leading transshipment hub in the region. 

HIT owns 12 berths in Terminals 4, 6, 7 and 9 while CHT and ACT own 2 berths each in Terminal 8 East and Terminal 8 West respectively.

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