Shanghai-listed Ningbo port on 29 September completed merger procedures with Zhoushan port.
The new company will be known as Ningbo-Zhoushan Port Group. Ningbo and Zhoushan branches of state-owned Assets Supervision and Administration Commission will hold 94.47% and 5.53% shares in the new company, respectively, according to Ningbo’s filing to the Shanghai Stock Exchange.
Zhejiang province established a port investment and development company in August to integrate the operations of five major ports in the province, including Ningbo, Zhoushan, Jiaxing, Taizhou, and Wenzhou.
Following the merger, Ningbo-Zhoushan port is now the busiest in the world in terms of throughput.
The port handled 11.3 million teu during January-June 2015, an increase 9.2% on a year ago.