Joint Venture agreement signed for new facility at the Port of Haiphong

Singapore - Executives from APM Terminals and Pharung Shipyard Company, a division of the Vietnam-based Vinashin Group, have entered into a Joint Venture agreement to develop and operate a new container terminal in the Dinh Vu Industrial Zone, serving the Vietnamese Capital of Hanoi, and the Red River Delta region of Northern Vietnam.

Construction of the planned 630-meter berth, 24-hectare (60 acre) terminal is scheduled to begin later this year. The new terminal, the second in APM Terminals’ Global Terminal Network in Vietnam, is expected to be operational late 2010.

Martin Gaard Christiansen, APM Terminals’ Vice President for Asia stated: “We are delighted, following the successful start of construction of the Cai Mep International Terminal (CMIT) in Ba Ria-Vung Tau Province in the South of Vietnam, to now establish our next terminal project in this high growth country. The development of the facility in Dinh Vu will help meet the demand for modern, efficient port and intermodal facilities for the growing and increasingly important role of Vietnam in the global economy. We see excellent partners in the Pharung Shipyard Company and the Vinashin Group to achieve this goal.”

Construction of the APM Terminals 1.1 Million teu capacity CMIT facility, a joint venture with Saigon Port and Vinalines, began in May 2008, with opening planned for the 4th Quarter of 2010.