Hainan and Singapore set up joint venture to manage Yangpu terminal

SINGAPORE's Jurong Port Pte Ltd. and China's SDIC Yangpu Port Co (SDIC YPP) have established a joint venture company, SDIC Jurong Yangpu Port Co Ltd to manage and operate Yangpu Port on southern China's Hainan island, Xinhua reports.

SDIC YPP, a subsidiary of the state-owned investment company China's State Development and Investment Company (SDIC) and operator of Yangpu Port, holds a 51 per cent stake in the joint venture, while Jurong Port holds 49 per cent.

Chen Qing, a manager from SDIC Jurong Yangpu Port Co., Ltd., said the joint venture company will introduce more know-how in management and techniques from Jurong Port in the future and optimise operations. The joint venture now has a management team of five people; three are from the senior level of Jurong and two from SDIC YPP.

The report said the cooperation between SDIC YPP and Jurong aims to pool capital, experience and techniques to build Yangpu into a shipping hub and logistics centre of southeast Asia.

Yangpu Port is located on the Yangpu Peninsular in northwest Hainan. Being one of the busiest deepwater ports in Hainan, it has two 35,000-tonne and six 50,000-tonne berths, and handled around 8.7 million tons of general and bulk cargo in 2011, including 310,000 TEU of container cargo. Its throughput this year is expected to surpass 10 million tons.