COSCO Acquires Shares in Thai Port

COSCO Shipping Ports has acquired Thailand's largest port, Laem Chabang, by purchasing shares from Hutchison Ports, reports Splash. The Chinese conglomerate acquired 12.5% and 30% of shares in two container terminals at the Laem Chabang port – Thai Laemchabang Terminal (TLT) and Hutchison Laemchabang Terminal (HLT), respectively. The deal is valued at approximately $110 million. “The acquisition includes several berths, three of which (at the Hutchison Laemchabang Terminal) are under construction. Once completed, the total handling capacity is expected to reach about 6.7 million TEUs per year,” the publication states. Prior to this, the COSCO-PSA terminal in Singapore was the company’s only port asset in Southeast Asia.