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Tianjin Port Co. will expand its share in the Tianjin Shenhua Coal Dock Co. Ltd. with a total of 630 million yuan ($103 million), together with China’s largest coal supplier Shenhua Group Co. Ltd., Xinhuanet.com reported on Nov 8.
The capital expansion of Tianjin Port will hold as many as the Shenhua Group, accounting for 90 percent of the total.
The move of Tianjin Port Co. Ltd. was made to expand its current production and improve the service at the dock, so as to strengthen the competitiveness. As of now, a wholly-owned subsidiary Shenhua (Tianjin) Dock Co. Ltd. will be set up.
The new company will serve as a main investor in the second phase of Shenhua Coal Dock Co. Ltd.’s construction project of the Nanjiang Port in Tianjin, including a 100,000-ton berth and two 700,000-ton berths, as well as port facilities.
With an annual cargo capability of 35 million tons, the project’s annual revenue is expected to reach 770 million yuan upon its completion.
In addition, Shenhua’s cargo shipped from Tianjin Port will reach 80 million tons, and the coal cargo capability of Tianjin Port will exceed 100 million tons.
