COSCO SHIPPING Ports has acquired 12.5% and 30% equity stakes in Thai Laemchabang Terminal (TLT) and Hutchison Laemchabang Terminal (HLT), respectively.
The signing ceremony took place in Vietnam on 23 October.
The consideration for the acquisition is approximately US$110 million, which includes Berth A2 in TLT, Berths A3, C1-C2 and D1-D3 in HLT, where D1-D3 is partly under construction. The total annual capacity will be about 6.7 million TEUs, once all the facilities are fully completed and operational.
TLT and HLT are the largest terminal operators in Laem Chabang Port, which is located to the southeast of Bangkok in Thailand and approximately 60 nautical miles from the Port of Bangkok, and is the largest deep-water port in Thailand, serving as the country’s most important international container hub, accounting for approximately 80% of the country’s total throughput.
“With the active support of the Thai government in the development of Laem Chabang Port, there will be continued development and expansion of infrastructure projects such as the Thailand Eastern Economic Corridor,” said COSCO’s port operating arm in an announcement.
Currently, the Laem Chabang Port is the main port of call for COSCO SHIPPING Lines dual brands in Thailand.
COSCO said the acquisition will help further develop the trade and economic ties between China and Thailand, while it is expected to also support COSCO SHIPPING Ports to optimize the layout of port resources and deepen the synergies between port and shipping companies.
Source: Container News
