Hong Kong-based Cosco Shipping Ports has purchased a 4.34% stake in Shenzhen-listed Beibu Gulf Port Co for a total consideration of approximately RMB 470 million (USD 68 mln).
"By subscribing the shares, Cosco Shipping Ports aim to further strengthen the cooperation with Beibu Gulf Port, and lay a foundation for the Company to participate in the integration of Guangxi ports. At present, Cosco Shipping Ports teams up with Beibu Gulf Port in operating Qinzhou International Container Terminal Co., Ltd," said a press release from the port company.
Beibu Gulf being the gateway of the New International Land-Sea Trade Corridor (ILSTC, formerly known as China-Singapore Southern Transport Corridor), is strategically significance in development.
The ILSTC connects the Silk Road Economic Belt in the north, and 21st-Century Maritime Silk Road in the south via Guangxi and the Association of Southeast Asian Nations (ASEAN) countries such as Singapore, it forms a complete route of the Belt and Road Initiative through western China, plays a key role in the construction of the Belt and Road Initiative, it not only promotes the development of western China, but also strengthens the cooperation among China and ASEAN countries.
Locates near South China Economic Circle, Southwest China Economic Zone and ASEAN Economic Circle, Beibu Gulf Port is the main gateway port in Southwestern China, and is one of the 20 major coastal hub ports in China. Trade routes of Beibu Gulf Port cover major ports in ASEAN countries, and connect more than 200 ports in over 100 countries and regions. It has built sea transportation network from inland hinterland to Southeast Asia, Indian Ocean, Pacific Ocean, Mediterranean Sea and etc.
Total throughput of Beibu Gulf Port achieved for the 9 months of 2018 amounted to approximately 13.485 million tons, an increase of 13.68% year-on-year. The container throughput increased significantly by 30.17% year-on-year to approximately 2,186,300 TEUs.
