Maersk has signed a memorandum of understanding with Chongqing Port Logistics Group to jointly invest with the latter in the phase 3 project of the Chongqing Cuntan Bonded Port Area.
This agreement marks the commencement of Maersk’s terminal business in the upstream Yangtze River city, in addition to its already running shipping and logistics business, Xinhua reported.
According to the agreement, Maersk will set up a terminal operator at Cuntan Bonded Port Area handling about 20 per cent of the container throughput of Chongqing. The specific amount of investment is still under negotiation.
Maersk has been running shipping business in Chongqing since 2004. It is now the largest container carrier in the city. The new terminal will help it lower handling and cargo stacking cost.