COSCO Shipping Ports has puchased stakes from Hutchinson Ports in two of the most important terminals in the Thai port of Laem Chabang.
The Chinese conglomerate is to invest $110 million to acquire 12.5% in Thai Laemchabang Terminal (TLT) and 30% in Hutchison Laemchabang Terminal (HLT).
Berth A2 in TLT and berths A3, C1-C2 and D1-D3 in HLT are included in the acquisition
Once the D1-D3 berths, currently under construction, are also fully operational, the two port terminals will have an annual capacity of 6.7 million TEUs.
Laem Chabang is 60 nautical miles from Bangkok and is the most important ports of call in Thailand. It handles about 80% of the containers entering and leaving the country.
In a press release, COSCO stated that the acquisition will help further develop trade and commercial ties between China and Thailand.
Translation by Giles Foster
