Orient Overseas Container Line Limited (OOCL) signs a Letter of Intent under the terms of which OOCL will invest jointly with the Ningbo Port Group and others in the development of 5 berths at the Port of Beilun container terminal. Involving a total waterfront of 1,650 metres with a draft of 17 metres, OOCL will take a 20 percent stake in the project which will involve a total investment of up to US$650 million. Other potential joint venture partners remain to be identified. Finance of the project will be evaluated in due course once details and timings become more definite.
Ningbo is a natural deepwater port serving the province of Zhejiang and the hinterland of the Yangtze delta and beyond. This investment will give OOCL greater access to this economically important and fast growing area of the PRC and will provide numerous business opportunities.
Orient Overseas Container Line Ltd. (OOCL) is a wholly-owned subsidiary of Hong Kong Stock Exchange listed Orient Overseas (International) Ltd. OOCL headquartered in Hong Kong, is an international container transport and logistics service provider. Linking Asia, Europe, North America, the Mediterranean, the Indian sub-continent, the Middle East and Australia/New Zealand, the company offers transportation services to all major east/west trading economies of the world. OOCL is one of the leading international carriers serving China, providing a full range of logistics and transportation services throughout the country. It is also an industry leader in the use of information technology and e-commerce to manage the entire cargo process. Website: www.oocl.com
