Shanghai Waigaoqiao Phase V Project

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Shanghai Mingdong Container Terminals Ltd (SMCT), a new joint venture company, was created by Shanghai International Port Group (SIPG) and the Hutchison Port Holdings (HPH) to invest a container terminal at Shanghai Waigaoqiao Phase V for 50 years. The BOT contract was signed in September 2005. In December 2005 the new joint venture company opened with the registered capital of US$ 481.93 million (RMB 4 billion). SIPG, which was state-owned, held 50% in the project company with the remaining 50% by the HPH Group, a wholly-owned subsidiary of Hong Kong-list Hutchison Whampoa Ltd.(HWL). There are no further financing information available. With a total area of 1.63 million square meters, SMCT had four deepwater berths, two feeder berths, twelve Super Post-Panamax Quay cranes, two specialized RTGC quay cranes for barges, stacking capacity of 24, 649 TEU, plus reefer plugs, dangerous goods and container freight station (CFS) facilities. SMCT was located at the Yangtze estuary near Wu Hao Gao, approximately 50 nautical miles from Yangtze anchorage and 110 nautical miles from Yangshan Deep-water Port, providing the shortest navigation channel for ocean-going vessels.