ICTSI terminal starts operations at Yantai
CHINA'S Yantai Gangtong International Container Terminals, which operates a Yuan778m ($102m) two-berth terminal in Yantai, Shandong province, officially launched operations this week. The terminal company, which is 60% owned by ICTSI (Hong Kong), an offshoot of Philippines terminal operator International Container Terminal Services Inc., is expected to handle more than 900,000 teu a year at its 730m long quay. ICTSI signed an agreement with Yantai Port Group and SDIC Communication in January to take a 60% stake in the terminal company. The port group and SDIC each have a 20% interest. The official launch of the terminal came after final regulatory approvals from the Chinese authorities including the conversion of the terminal company into a Sino-foreign joint venture. Yantai Gangtong International Container Terminals is ICTSI’s first port investment in China.
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