Dalian Port, which operates China's eighth-largest port, says it will own 50 per cent of a four billion yuan joint venture with foreign shipping companies that will boost capacity at its Xingang, Dalian operation by adding six new berths.
It was awaiting government approval for its Xingang development which will have an annual throughput capacity of three million teu (20-foot equivalent units), chairman Sun Hong said.
The company, which on Friday posted a 55 per cent year-on-year rise in first-half net profit, would finance the project with internal resources and bank loans, said chief financial officer Su Chunhua.
Neither Mr Sun nor Ms Su would specify a timetable for the project or provide the names of the foreign companies that would be co-investors as the proposal was still under government review.
The company is also building four berths at Dayao Bay near Xingang with its joint-venture partners PSA International, Cosco Pacific and APM Terminals. Two of these berths were to begin operations at the end of this year, Mr Sun said.
Both international port operators and shipping firms are keen to tap into the mainland's fast-growing ocean shipping market. Dalian Port, located in the Bohai Rim that includes Beijing and Tianjin, handles more than 70 per cent of container traffic in northeastern China.