1、1An Ocean of HopeON December 18, 2009, Chang Dechuan, president of Qingdao Port Group, and Fu Yuning, chair of China Merchants Group, clasped their lands in a wave met by a blinding flash of cameras. They were announcing the establishment of Qingdao Qianwan United Container Terminal Co., Ltd. (QQCTU
2、). The agreement added one more joint venture under Qingdao Ports name, and raised the profile of the companys transnational reputation; its number of corporate investors is now six, in three countries. Qingdao Port Group began to upgrade its container shipping business back in 2000. The first move
3、was to set up the Qingdao Qianwan Container Terminal Co., Ltd.(QQCT) in partnership with British company P&O, the worlds second largest shipping company. Their total investment was close to US $177 million. In July 2003 the potential of Qianwan caught the eye of Maersk Sealand of Denmark and China O
4、cean Shipping (Group) Company (COSCO). The two, P&O and Qingdao Port, decided to pool an investment of US $887 million into QQCT to co-operate container terminals along a coast line of 3,400-plus meters in 2the Qianwan area. This alignment put QQCT into the ranks of the worlds biggest container term
5、inal companies. In June 2009 QQCT and Pan-Asia Investment Group Ltd. of Hong Kong jointly founded Qingdao New Qianwan Container Terminal Co., Ltd. (QQCTN) with US $1.4 billion, which would develop, construct and manage ten deep-water berths for container liners in the Qianwan area. Six months later
6、the QQCTU came into being. Qingdao Port and China Merchants International Container Terminal Co., Ltd. (CMT), an offshoot of China Merchants Group, each holds 50 percent of its shares, co-managing nine births along a coastline of 3,163 meters. The new companys total assets are approximately HK $7 bi
7、llion (more than US $900 million). The port in Qingdao is the second largest for foreign trade in China. Its handling volume stands at the seventh in the world, and the volume for containers ranks the 10th. It could be argued Qingdao is actually doing better than the rest of the worlds ports. The fi
8、nancial crisis dampened the ocean shipping business everywhere, and container terminals worldwide have seen an average drop of 20 percent in their business volumes. Through salvation policies instituted by the state, Chinas container shipping sector began a recovery, but 3by the end of 2009, the ove
9、rall contraction still stood at 15 percent. In sharp contrast, the port of Qingdao City reported a rare 2 percent rise in its container business, and its handling volume of foreign trade cargos remained the second largest in the nation. This feat convinced the China Merchants Group executive of Qing
10、dao Ports bright prospects. The groups chair Fu Yuning sees the port as in the hands of a team of elite players who show better judgment in navigating the market and therefore will hold fast against any economic tempest. Chang Dechuan noticed the six partners in Qingdao Port have their respective bu
11、t compatible strengths, and could achieve a collective advantage by pulling together their resources. In the anticipation of a growth in the container business following the states efforts to stimulate domestic consumption, Mr. Chang is confident his group will reach the 7 percent growth rate goal for 2010.
