Economy

E China's 4 ports ally with ROK's largest port

(Xinhua)
Updated: 2011-06-09 11:27

QINGDAO -- Four ports in East China's Shandong province signed a strategic alliance with the largest port of the Republic of Korea (ROK) on Wednesday in Qingdao, Qingdao Port of Shandong announced in a press release.

Aiming to build a shipping and logistics center in Northeast Asia, the alliance is jointly formed by Shandong's Qingdao Port, Yantai Port, Rizhao Port, Weihai Port and the ROK's Port of Busan.

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The five ports agreed that they would mutually provide prompt and effective services for freight and passengers. They will also promote transit transport via the development of the Eurasian continental bridge, and boost the links between bonded areas in Shandong and Busan Free Trade Zone.

With the agreement, the five ports will focus on the development of automobile freight transportation via sea and land, as well as the development of luxury cruises.

The throughput capacity amounted to 925 million tons in 2010 by the four ports in Shandong. Busan Port is the largest one in ROK, which handled 14,183,000 twenty-foot equivalent units (TEU) in 2010, 74 percent of the total in ROK.

The five ports would utilize technologies involving low carbon emissions and information to reduce operational costs.

The five ports signed a frame agreement for strategic alliance in November 2010, with the hope to integrate mutual logistics cooperation.