CMA CGM announced that its project to invest in the construction and the management of a deep water container terminal in the port of Xiamen, together with its partners New World Services Holding Ltd and Xiamen Haicang Investment General Co, has been approved by the China’s National Development and Reform Commission and Ministry of Commerce. CMA CGM holds 30% of the Joint venture that will equip and operate during 50 years the two berth terminal.
The port of Xiamen ranks 22nd in the world in container traffic, with more than 4,5M TEUs handled in 2007, an increase of 15% over 2006. The terminal is expected to be operational in 2010.
“This new project reinforces the Group’s already strong presence in China and confirms its participation in developing transport infrastructure in the country,” explains Farid Salem, CMA CGM Group Chief Executive Vice President.
The Group has already acquired an eight percent share in China Rail Intermodal, a project to design, build and manage a network of 18 railway container stations covering the entire Chinese territory. Most of the terminals are presently under construction, and the first eight will be operating by the end of 2009. CMA CGM is also present in the Chinese port of Tianjin, in a three berth terminal due to be operational in 2011, via a 50-year concession agreement signed in August 2008.