Cosco invests $110 million to acquire terminal operations in Thailand
3 weeks ago
Cosco invests $110 million to acquire terminal operations in Thailand
Cosco Shipping Ports has made a strategic investment of $110 million to acquire stakes in two key container terminals at Laem Chabang Port, Thailand's largest port, which processes approximately 80% of the country's total shipping traffic. The acquisition involves a 12.5% stake in the Hutchison Port Group-operated Thai Laemchabang Terminal (TLT) and a 30% stake in Hutchison Laemchabang Terminal (HLT).
This agreement includes ownership of Berth A2 at TLT and Berths A3, C1-C2, and D1-D3 at HLT, the latter of which is still under construction. Once fully operational, the combined capacity of these terminals is projected to reach about 6.7 million twenty-foot equivalent units (TEUs) annually.
The Thai government is actively promoting the port's development through initiatives like the Eastern Economic Corridor, ensuring ongoing infrastructure improvements. For Cosco Shipping Ports, which relies on Laem Chabang Port as a central hub for its operations in Thailand, this acquisition represents a significant step in strengthening its position in the region.
Source: Maritime Gateway