Red chip Cosco Pacific has joined growing calls for Hong Kong to lower transshipment costs to stay competitive with regional rivals.
Vice-chairman Dong Jiufeng yesterday said: 'Compared with Shenzhen and Singapore, Hong Kong's transshipment costs are relatively high in the region.
'If Hong Kong is to maintain its role as Asia's prime transshipment hub in the region, costs have to come down.' Mr Dong was speaking after the company's annual general meeting.
Deputy managing director Kelvin Wong Tin-yau said the company would use the proceeds from a share placement last month to buy containers and acquire terminals.
Mr Wong said it had yet to finalise which container terminals to invest in, although it is understood the company was interested in Shanghai's Waigaoqiao port.
Cosco Pacific raised $417.29 million before expenses for the planned purchases.
