24 February 2023 (Lloyd's List) - COSCO Shipping Ports has acquired Xiamen Ocean Gate terminal, further increasing control of the port operator’s network in China.

The company, which already had a 70% share of the terminal, is buying Xiamen Haicang Investment’s 30% holding for Yuan794m ($114.44m), according to a statement.

Xiamen Ocean Gate is principally engaged in the operation of container terminals at the port of Haicang District in Xiamen, a port city in southeast China’s Fujian Province.

The transaction will further strengthen Cosco Shipping Ports’ leading position in the country, it said.

Last week, Cosco Shipping Ports launched two new container berths at Quanzhou Pacific Container Terminal, also in Fujian Province. The new berths will boost the terminal’s annual handling capacity to 3m teu from the current level of 1.8m teu.

In December, Cosco Shipping Ports’ China Shipping Terminal Development unit acquired a 56% share in Xiamen Haicang Free Trade Port Zone Investment and Construction Management Co in a bid to develop its port logistics extension business.

With continuous investment in southeast China’s coastal area, Cosco Shipping Ports has been stepping up its control of the terminal network.

The Hong Kong-listed ports operator has said it will seek opportunities to expand its global terminal network and focus on emerging markets such as Southeast Asia, the Middle East and Africa to enhance the regional diversification of its terminal asset portfolio.

The company’s terminal portfolio covers the main port regions in mainland China, Southeast Asia, the Middle East, Europe, South America and the Mediterranean. It operates and manages 367 berths at 37 ports.