by Lloyd's List
30 August 2024 (Lloyd's List) - CONTAINER line OOCL is taking steps to improve its network position in the key Beijing-Tianjin-Hebei economic region with the purchase of a minor stake in the main box terminal operator at the port of Tianjin.
Parent OOIL said in an exchange filing that its subsidiary, OOCL Terminal Tianjin, would be buying a 20% stake in Cosco Shipping Ports (Tianjin) for $49.3m.
CSP Tianjin, Tianjin Port Holdings, CM Terminals and China Shipping Terminal Development hold 45%, 41.69%, 7.31% and 6% respectively of the equity interest in TCT.
Upon completion of the deal, OOIL will hold an 9% indirect stake in the terminal.
“Investing in terminals will strategically support the group’s business network construction,” the company said, adding that Tianjin is a highly competitive port in the key Bohai Bay region and serves as an important hub for many of the group’s routes in northern China.
CSP Tianjin is a major shareholder of Tianjin Port Container Terminal Co, which operates Tianjin Container Terminal, the largest box terminal at the port of Tianjin.
The stake purchase “will promote the group’s investment in the terminal sector and deepen cooperation with port operators, providing important support to its shipping network resources”, OOIL said, noting that the acquisition aligns with the group’s strategic planning and will help to further consolidate its leading position in the Greater China region.
TCT has 13 container berths located at the Beijiang Port Area of Tianjin port with annual capacity of 6m teu.
