MOL received government approval to establish a new joint terminal operating company in Vietnam.

The joint venture between MOL, Saigon Newport Company of Vietnam, Hanjin Shipping Co. of South Korea and Wan Hai Lines of Taiwan will operate the Tan Cang Cai Mep International Terminal that is scheduled to open in February, 2011.

Katsunori Moriya, general director of MOL (Vietnam) has been named the first general director of TCIT.

The new terminal is under construction on 100 acres of land in the Cai Mep River watershed in Ba Ria-Vung Tau Province, about 31 miles southeast of Ho Chi Minh City.

It will have two berths on 1,936 feet of quay with a draft of 46 feet that can accommodate ships with a capacity of 8,000 20-foot containers.

The terminal is one of five new terminals that have either opened recently or are under construction in the Cai Mep region to handle Vietnam’s growing exports of apparel and other products that international companies are producing there. Two of them opened during the summer months, and three are under construction, including the TCIT, the Saigon International Terminal Vietnam and the Saigon SSA International Terminal.

Construction has yet to start on a sixth, $520 million terminal that is a joint venture between French carrier CMA CGM and local companies Gemadept VungTau and VNM General Transport Services.

MOL itself started calling Vietnam during the summer by extending the port coverage of its existing five-vessel PSX string to call at Cai Mep by upgrading it with six 6,500-TEU ships. MOL is considering using Cai Mep as a new transshipment hub to expand its intra-Asia coverage.

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