A trio of Chinese companies have agreed to take a joint 30 percent stake in a terminal in Taiwan’s busiest container port, Kaohsiung.
The three companies, COSCO Pacific, China Shipping Terminal Development, and China Merchants, will take the stake in a Yang Ming terminal in the port. Yang Ming will retain a 60 percent share in the Kao Ming Terminal, with the other 10 percent belonging to the Ports America Group, which acquired its share earlier this year.
The Chinese stake in Taiwan’s key container gateways represents a further strengthening of cross-strait trade ties
between China and Taiwan since 2008, when Taiwan President Ma Ying-jeou promised improved business ties with its powerful neighbor. China claims Taiwan as its sovereign territory.
The first phase of the Kao Ming Terminal was opened in January 2011, and has two berths with an annual handling capacity of 1.4 million TEUs. Container throughput was nearly 1.1 million TEUs in the first year of operation.
Construction on a second phase, which will add two more berths, began in 2012 and is expected to be complete by 2014, with handling capacity rising to 2.8 million TEUs.
The terminal is the only one in Kaohsiung able to handle ships of 14,000 TEUs or larger. - Eric Johnson