COSCO Shipping Ports buys key Xiamen container terminal assets

COSCO SHIPPING Ports Limited (CSPX) has announced the acquisition

Ltd.

This move is in line with the company’s strategy to expand its terminal

business and build an integrated ports and logistics service platform to provide

one-stop logistics services to customers.

The acquisition of 56 per cent equity interest in Xiamen Haicang Free Trade

Port Zone Investment and Construction Management Co., Ltd. was completed on 30

December 2022, making it a subsidiary company of COSCO SHIPPING Ports and its

first supply chain platform.

The company owns warehouses, yards, factories, and other logistical assets

in the Xiamen Haicang Port Comprehensive Bonded Area, with a total land area of

around 530,000 square metres.

Its subsidiary and non-subsidiary companies are primarily involved in port

logistics, cold chain logistics, container yards, and China-Europe train

services.

The acquisition of 30 per cent equity interest in Xiamen Ocean Gate

Container Terminal Co., Ltd. was completed on 28 February 2023, making it a

fully-owned subsidiary of COSCO SHIPPING Ports.

The terminal is primarily engaged in container terminal businesses in

Haicang Port Area of Xiamen and is the main deepwater port in China’s south

eastern coastal area. It is also one the first 5G smart ports in the

country.

COSCO said it plans to leverage its domestic and international terminals

and back-end resources on land to integrate both subsidiaries into its global

business network, develop extended port logistics businesses, and build a

leading domestic and international supply chain headquarters based in

Xiamen.

By implementing a “ports + supply chain” model, the company aims to provide

highly efficient, safe, and convenient supply chain services for customers both

domestically and internationally.

Just last month, COSCO SHIPPING Holdings agreed to pay 5.5 billion yuan

($814 million) to buy a 5.8 per cent stake in logistics company COFCO

Fortune.