APM Terminals Pipavav adds YML and OOCL to its portfolio
October 27, 2010, Mumbai: Recently, Orient Overseas Container Line (OOCL) and Yang Ming Marine Transport Corporation (YML) upgraded the joint China Pakistan Express (CPX) service by adding Port Pipavav as their port of call. After Nhava Sheva in Mumbai, Port Pipavav is the only other port of call for the CPX service in India.
"We are very pleased to have the CPX Service routed through our port," said C K Rajan, Head of Container Business, APM Terminals Pipavav. "We want to give our customers the best possible options for transporting their cargo and are steadily increasing the number of lines calling the port. We already have more than 20 lines calling on Port Pipavav and are looking forward to increasing this further this year," he added.
The CPX service upgrade commenced from August, 2010. This service offers the fastest transit time between Central China and India. It will include five vessels with 3,600-TEU loadable capacity for each week; OOCL will provide two vessels and YML will provide three.
"Port Pipavav's volumes have been doubling year on year," said Prakash Tulsiani, MD, APM Terminals Pipavav. "Last year, our volumes grew 64% and this year we have already demonstrated more than 50% growth over year 2009. The hard work we have put in to bring the port up to international standards befitting our parentage is helping us to grow by leaps and bounds," he remarked.
OOCL, a wholly-owned subsidiary of Orient Overseas (International) Limited (OOIL) is one of the world's largest integrated international container transportation, logistics and terminal companies. It is one of Hong Kong's most recognized global brands and has a network that covers Asia, Europe, North America and Australasia.
Yang Ming Marine Transportation Corporation offers top-notch scheduled container transportation service across the world. Their services cover 63 countries with more than 177 service points.
About APM Terminals Pipavav
APM Terminals Pipavav, part of the AP Moller-Maersk group, is a gateway port offering integrated port services to north-west India. The port is well positioned to capture cargo to and from Gujarat, Rajasthan, the Punjab and Delhi NCR, a rich hinterland generating a wide variety of containerised and bulk cargoes.
APM Terminals Pipavav recently concluded its IPO for Rs 500 Crores and got listed on the Indian stock exchanges. The share price was finalised at Rs 46/- per share at a premium of Rs 36/-. The IPO was subscribed over 19 times and the share price on the opening day at the National Stock Exchange was up 22%. Of the Rs 500 Crores raised, Rs 300 Crores will be utilised for repaying debt and approximately Rs 175 Crores will be utilised for port upgrading work and other corporate expenses.
APM Terminals Pipavav, press release