Vietnam venture

MOL is teaming up with two other shipowners and a Vietnamese company to develop a container terminal in the Cai Mep region of Vietnam.

It has founded Tan Cang Cai Mep International Terminal Co with Hanjin Shipping of Korea, Wan Hai Lines of Taiwan and domestic outfit Saigon Newport Co.

Operation of the terminal is slated to start in February 2011.

Masakazu Yakushiji, executive vice president of MOL, said: “I believe the operation of this new terminal will strengthen our position in South-east Asia and will be a key to our future expansion plans in this region.”

The terminal will be built on a site of about 40 hectares and will handle vessels of up to 7,000 teu. It will have one of the deepest drafts of any port in Vietnam at 14 metres.

MOL believes Vietnam is emerging as a hub for South-east Asia.

Saigon Newport is a state-owned operator of Cat Lai Terminal at Ho Chi Minh City.