Tianjin Port (Group), the parent group of Shanhai-listed Tianjin Port Holdings, has joined forces with Kangyin Investment Holdings to jointly develop a Yuan2.3bn ($3.5bn) dry bulk terminal in Beihei in Tianjin.
Under the agreement, the two companies will form a joint venture with a registered capital of Yuan714m to undertake the projects.
Beihei terminal is one of the key infra-structure projects in Tiannjin. Tianjin municipal government plans to build two berths with the capacity to handle 100,000dwt kamsarmax vessels and two berths for 40,000dwt handymax vessels. The total investment will amount to Yuan2.3bn.
Upon completion, the new terminal will increase total cargo throughput for Tianjin Port (Group) to 11m tonnes per year.
The group said that Behei terminal would help to mitigate the rising traffic levels at the port. Two berths were scheduled to be operational by the end of the year.
State owned Tianjin Port (Group) is the main operator of China's second largest port, Tianjin. The total cargo volume handled by Tianjin port in the first nine months of this year was 280mt.