Shanghai Port to spend 51.3 bn yuan developing new container terminal in Zhejiang
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Shanghai Port to spend 51.3 bn yuan developing new container terminal in Zhejiang
STOCKS

Shanghai Port to spend 51.3 bn yuan developing new container terminal in Zhejiang

 

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Shanghai International Port Group said it will spend 51.3 billion yuan ($7.2 billion) developing a new port and container terminal at the Yangshan Deep Water Port in Zhejiang province.

The project will have seven 70,000-tonne and 15 20,000-tonne container berths and supporting facilities with a total annual throughput capacity of 11.6 million TEUs, the group said on Thursday.

Construction work is scheduled to start at the end of next month and finish within eight years at the most, it said, without disclosing how it will fund the project. SIPG unit Shanghai Shengdong International Container Terminal will oversee the venture.

The project will promote the construction of the Shanghai International Shipping Center and the new area of the Shanghai Pilot Free Trade Zone, SIPG noted. It will also boost higher-quality development and integration of the Yangtze River Delta region.