COSCO SHIPPING Ports Limited ("COSCO SHIPPING Ports" or the "Company") announced the acquisition of a 12.5% stake in Thai Laemchabang Terminal Co., Ltd. ("TLT") and a 30% stake in Hutchison Laemchabang Terminal Limited ("HLT"), both located at Laem Chabang Port, Thailand.
At the project signing ceremony held in Vietnam on October 23, Zhu Tao, Chairman of the Board of Directors of COSCO SHIPPING Ports, witnessed that Chief Accountant Zhao Fengnian officially signed the relevant project agreements with the partners on behalf of COSCO SHIPPING Ports.
The purchase price is approximately US$110 million, including berths A2 at TLT Terminal and berths A3, C1-C2, and D1-D3 at HLT Terminal. Berths D1-D3 are still under partial construction and have an annual handling capacity of approximately 6.7 million TEU upon completion and operation.
TLT and HLT are currently the largest terminal operators in the Laem Chabang port area. Laem Chabang Port is located in the southeast of Bangkok City, Thailand, about 60 nautical miles from Bangkok Port. It is the largest deep-water port in Thailand and the most important international container hub port in Thailand, accounting for about 80% of Thailand's national throughput. The Thai government strongly supports the development of Laem Chabang Port and continues to promote infrastructure projects such as the Eastern Economic Corridor of Thailand project. Laem Chabang Port is currently the main port of call for COSCO SHIPPING and OOCL dual-brands ships in Thailand.
The acquisition is poised to fortify the economic and trade ties between China and Thailand, while also enabling COSCO SHIPPING Ports to refine its terminal resource distribution and bolster the synergy between port operations and shipping services. This move will enhance collaboration with COSCO SHIPPING's dual-brands vessels and key shipping entities in Thailand and across Southeast Asia, thereby elevating local logistics extension capabilities. By doing so, it aims to deliver superior integrated services to customers and transition the port from a singular-function terminal into a comprehensive logistics supply chain hub.
COSCO SHIPPING Ports views this acquisition as strategically significant and promising for market expansion. It is expected to consistently elevate the efficiency of the company's global network services, positioning COSCO SHIPPING Ports as a "customer-centric, globally leading port logistics service provider."
