Maersk invests in Ningbo

A.P. M øller Maersk Group’s (OMX: MAERSK A, MAERSK B) port operating arm APM Terminals will be involved in the Ningbo Port expansion in the seafaring city located in Zhejiang province, China. Maersk will cover one quarter of the project with a 4.29 billion RMB (3.9 billion DKK or 530 million Euro) investment. The agreement was struck with Ningbo Port Co and the companies will jointly operate three berths comprising one kilometre quay in the Meishan container terminal. Ningbo port is currently the third largest in China after Shanghai and Tianjin and among the biggest in the world. The new facility should be completed by the end of 2014.