According to industrial sources Baosteel Group and China Shipping Company will invest in Yantai hand in hand. Baosteel Group, CS and Yantai Port have signed letter of intent for strategic cooperation. Baosteel Group and CS will participate in transforming the enterprise into a join-stock one, which indicates that CS starts investment in bulk cargo port. Besides, Baosteel also speeds up its penetration into shipping with the purpose of firming its transportation.
Yantai Port located in Zhifu Bay on the northern shore of Shandong Peninsula, overlooks Liaodong Peninsula across the sea. Being one of the main pivotal ports of China as well as an important coastal port open to the outside world, Yantai Port holds a key position in the nation's comprehensive transport network. It shall also act as one of the vital links along the country's great Tongjiang-Sanya passageway which is under construction. Last year, Yantai Port achieved total throughput of over 100 million tonnes.
It is known that Yantai Port will remain the controlling shareholder. Baosteel, CS and other strategic investors will pump capitals into the stock company.
According to Yantai Port's plan, its throughput should reach 105 million tonnes by 2010 with container traffic of 3 million TEU and passenger traffic of 4.8 million person times. By 2020, the throughput will amount to 215 million tonnes with 10 million tonnes of container traffic and 6 person-times of passenger traffic.
