A subsidiary of PSA International (PSA) has signed an agreement to acquire stakes in a new container terminal company in Lianyungang Port in Jiangsu Province, China. The joint venture between PSA and Lianyungang Port Group will take over the container terminal project from China Shipping Container Lines following completion of the deal, which is subject to regulatory approval.
PSA, owned by the Singapore's investment company Temasek, said the container terminal marks its "first major foray into the Yangtze River Delta region — one of the most important economic regions in China linking many key cities. The terminal is poised to support the container trade originating from the hinterland of Shandong and Jiangsu, China’s second- and third-largest economic provinces, respectively, and connecting it to the shipping routes linking China with Europe, the Americas and the rest of Asia.
"The established rail connections, in particular the New Eurasia Land Bridge, originating from Lianyungang Port to China’s central and western regions, Central Asia and Eastern Europe create an integrated intermodal network, and the new terminal stands to benefit from growth in the various regions."
The container terminal has a designed capacity of 2.8 million TEUs and is designed to service the world’s mega container vessels. It has 1,700 meters of quay length, Super-Post Panamax quay cranes (of 23-row outreach) and a water depth of 16.5 meters. The terminal is expected to commence operations in 2014.