The Port of Shanghai, the world's largest port by TEU (twenty-feet equivalent unit) volume has announced it will cooperate with the Port of Ningbo, the world's largest port by cargo turnover, in the development, operation and management of the northern part of Xiao Yangshan port area, which could significantly boost the efficiency of cargo transit on the Yangtze River and lower costs.
The operators of the two ports, Shanghai International Port Group (SIPG) and Zhejiang Seaport Investment & Operation Group, reached an agreement on Tuesday to cooperate on the comprehensive development of the northern Xiao Yangshan area.
According to the agreement and an announcement by SIPG last October, Zhejiang Seaport Group will invest 5 billion yuan ($744.5 million) in Shanghai Shengdong International Container Terminals Co Ltd, a wholly-owned subsidiary of SIPG. Following the investment, SIPG will hold 80 percent of the JV, with Zhejiang Seaport Group retaining the remaining 20 percent.
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