COSCO announces merger of Tianjin container terminals

COSCO Ports Limited (CP Tianjin) has entered into a merger agreement with Tianjin Port Holdings, China Merchants International Terminals, Tianjin Port Container Terminal (TCT), Tianjin Five Continents International Container Terminal (FICT) and Tianjin Orient Container Terminals (TOCT).

Under this agreement TCT, as the surviving entity, will absorb and merge with FICT and TOCT and will succeed all assets, business, credits, debts and employees of FICT and TOCT upon completion of the merger.

The merger is expected to help strengthen each party, optimise the allocation of resources, enhance the unified management of the relevant terminals, lower operational costs and increase the overall competitiveness of TCT and enhance its efficiency.