China's Qingdao port signed a contract Monday in Beijing with three world shipping giants, jointly investing 887 million US dollars to regroup its Qianwan container dock into the largest in China.
Chinese Premier Wen Jiabao and visiting British Prime Minister Tony Blair attended the signing ceremony of the contract to set upthe Qingdao Qianwan Container Terminal Co., Ltd at the Great Hall of the People after their talks Monday.
According to the contract, the Qingdao Port (Group) Co., Ltd and the three shipping leaders, the A.P. Moller Maersk Group of Denmark, P&O of Britain, and the China Ocean Shipping (Group) Company (COSCO), will respectively contribute 31 percent, 29 percent, 20 percent, and 20 percent for the construction of the Qianwan dock, which is located in the Qingdao port near the Yellowsea in north China.
The jointly-run Qianwan container dock will have ten deep-water berths for container vessels along the 3,400 meter-long coastline, with a stockyard of 2.25 million square meters.
When the construction of the dock is completed, it will have the ability to receive huge container vessels carrying 10,000 twenty-foot equivalent units (TEUs) of containers, with the annual handling capacity of more than 6.5 million TEUs.
Prior to the cooperation, the Qingdao port and P&O had once jointly invested about 177 million US dollars for the Qianwan dock.
Chang Dechuan, board chairman of the Qingdao Port (Group) Co., Ltd, told the signing ceremony that the multilateral cooperation has brought more fruit than the usual bilateral cooperation, and will create a bright future for the dock with the help of three global top shipping enterprises.
Lord Geoffrey Sterling, chairman of P&O, said that as one of the initiators of the project, P&O hopes to play an important rolein the operation of the dock and build it into a world class dock.
Qingdao is the second largest foreign trade port in China and the third largest domestic container port. Last year, it handled atotal of 3.4 million TEUs of containers, ranking it 14th in the world.