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THE Guangzhou Port Group (GPG) is planning to invest US$1 billion in a new berth in the Nansha port area of China to create an annual extra capacity of 500,000 TEU.
GPG made the announcement in a filing submitted to the Shanghai Stock Exchange, adding that the estimated investment was still subject to approval by the company's general meeting of shareholders, writes London's Port Technology.
The berth will accommodate six inland container barges at any one time and process 15.5 million tonnes of bulk and general cargo each year. It will be in addition to the four berths that were opened in November 2021 and June 2022.
The aims of the project include speeding up capacity building, improving the passing capacity of general and container terminals, and accelerating the development of the main port business.
The company has set up a wholly owned subsidiary with paid-up capital of around $210 million to invest in the construction and operation of the project. The construction period of the project is expected to be three years.
According to GPG, this is part of the fourth phase of the modernisation project at the Port of Nansha.
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