APM Terminals, Shanghai in operator deal

APM Terminals, Shanghai in operator deal

APM Terminals has finalized a 50-year joint venture with the Port of Shanghai to operate its newest container terminal at Wai Gao Qiao IV in the Pudong New District.

Under the joint venture, APM Terminals takes a 49-percent stake in the facility. Port operator Shanghai International Port Group will hold the other 51 percent. The terminal had its first ship's call in February under a temporary management arrangement between the two parties. Financial terms of the transaction were not disclosed.

With four berths and 14 cranes across 4,710 feet of quay, the Shanghai new terminal on Wai Gao Qiao IV is designed to handle more than 3 million TEUs annually.

The Port of Shanghai has been experiencing 25 percent growth in international trade in recent years, with 2003 throughput exceeding 11 million TEUs. The new terminal is set to handle more than 1 million TEUs in its first year of operation, officials said at a recent signing ceremony.