ICTSI acquires Yantai container terminal

The state-owned Yantai Port Group Co and SDIC will each retain a 20% shareholding in Gangtong Container Co, and the deal is subject to Chinese regulatory approvals, including the conversion of the company to a Sino-foreign joint venture.

Gangtong Container operates container berths 38/39 of the Yantai Gangtong Terminal in the Port of Yantai, including a 280,000 sq m container yard and back-up area. Yantai is China’s tenth largest port, and a pivotal base for traffic to northeast China’s industrial hinterland and to South Korea and Japan. It has experienced rapid growth in containerised and ro-ro cargo and in passenger traffic, and in 2006 handled 1.17m teu, a 68.4% increase from 2005.