CMA CGM invests in Port of Tianjin

CMA CGM has signed a fifty-year concession agreement to build and operate a container terminal in the Port of Tianjin, North China.

The new terminal, which is expected to become operational in 2011, will feature a 1.1 km quay and annual capacity of 1.7 million TEU.

The terminal will be operated by a joint venture between CMA CGM (20%), Tianjin Port Holding Co (60%) and Hong Kong-based Asia International Shipping (20%).

Tianjin ranks 16th in the world in container traffic, with more than 7.1 million TEU handled in 2007.

"With this new investment, CMA CGM has secured a strategic base in Tianjin, which is the port offering the best prospects of growth in North China," said Group chief executive vice president Farid Salem.

This will be CMA CGM's 26th investment in port terminals worldwide. The Group is already involved in the Chinese port of Xiamen, which ranks 22nd among the world's container ports, and is an 8% shareholder in China Rail Intermodal - a project to design, build and manage a network of eighteen railway container stations covering the entire Chinese territory, including Tianjin.