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Cosco to more than double Abu Dhabi box volume with brand new port

CHINA Cosco has signed a US$738 million deal to build and operate a container terminal in Abu Dhabi, that would more than double capacity at Khalifa port.

Cosco to more than double Abu Dhabi box volume with brand new port

CHINA Cosco has signed a US$738 million deal to build and operate a container terminal in Abu Dhabi, that would more than double capacity at Khalifa port.

Cosco to more than double Abu Dhabi box volume with brand new port
30 September 2016 - 22:55

Cosco to more than double Abu Dhabi box volume with brand new port
CHINA Cosco has signed a US$738 million deal to build and operate a container terminal in Abu Dhabi, that would more than double capacity at Khalifa port.
Cosco Shipping signed the accord with state-run Abu Dhabi Ports to invest in a second terminal at Khalifa, boosting the port's capacity to six million TEU from 2.5 million, Bloomberg reported.
The 35-year agreement will boost Abu Dhabi's role in regional logistics, Abu Dhabi Ports chairman Sultan Al Jaber said at a news conference.
This is Cosco Shipping's first such deal in the Persian Gulf, the port company's CEO Mohamed Al Shamsi said in an interview.
"It's important because Khalifa port will be the hub for Cosco within the region, and this is part of the initiative of the Silk Road," Mr Al Shamsi said, referring to China's effort to establish a maritime equivalent of the fabled Asian overland trade route. "We are confident that Cosco will bring big volumes into Khalifa port."
Cosco Shipping is the world's fourth-largest container liner with a market share of 7.5 per cent as of September, according to shipping data provider Alphaliner, and it has the world's largest dry bulk fleet, used to transport commodities.
Khalifa port's existing terminal will handle 1.65 million TEU this year. By 2030, the emirate expects the port to move 15 million TEU and 55 million tonnes of cargo, Ali Majed Al Mansoori, head of the Abu Dhabi Department of Economic Development, said in a speech last year.

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