Under a new agreement a joint venture between Ningbo Port Group (75%stake) and APM Terminals (25% stake) the companies will jointly invest and operate new capacity at berths 3, 4, 5, at Ningbo's Meishan Container Terminal APM Terminals said.
Ningbo is a major gateway port in in Zhejiang Province.
It is the 6th largest container port in the world with strong growth.
Container throughput in Ningbo grew 17% annually from 2006 to 2010 and reached 14.5 million TEU in 2011.
APM Terminals said the new capacity would open on January 31st 2014.
APM Terminals said Ningbo capacity utilisation will exceed 80% by the end of 2012 at the current growth rate.
It has five deep water container berths with designed capacity of 3 million TEU situated in the Meishan Bonded Port Zone.
"This agreement creates important, new port capacity needed for our customers in one of the fastest growing container markets in the world. We look forward to working closely with our partners in the Ningbo Port Group", stated Henrik Lundgaard Pedersen, CEO of APMTerminals Asia-Pacific region, based in Shanghai, China.
Ningbo derives 95% of its growth from Zhejiang province which is the 4th largest economy and 5th largest export/import hinterland in China, serving a population of 55 million.
Zhejiang province boasts the most vibrant private manufacturing businesses in China, which export a wide range of products ranging from auto parts to cigarette lighters.
According to APM Terminal exports from the province have gained significant competitive advantage due to the efficiency of private ownership and scale of economy from industry clustering.