The president visited the Yantai Rising Dragon International Container Terminal (YRDICT) to see the Philippines’ first foray into the highly competitive Chinese port market. She was welcomed by ICTSI and YRDICT officers, led by Enrique K. Razon Jr., ICTSI’s chairman. After viewing terminal developments, she signed the terminal’s guestbook and posed for photos with officials.
ICTSI signed a joint venture contract in January 2007 with Yantai Port Group Co. and SDIC Communications Co. to buy a 60% stake in Chinese port operator Yantai Gangtong Container Terminal Co. Ltd. (YCT), which it subsequently renamed YRDICT. The joint venture contract runs for a term of 30 years.
Yantai is one of the leading terminals in China and has been experiencing rapid growth in containerised and ro-ro cargo. Located at the eastern tip of the Shandong peninsula, on Bohai Bay and the Yellow Sea, it is well placed to serve northeast China’s heavy industrial base, as well as South Korea and Japan. The port area consists of three parts: Zhifu Bay, Western Port and Penglai Port.