13-Oct-1999

Shanghai Container Terminals Limited (SCT) achieved a milestone recently in handling its 10 millionth container. The container was discharged from “Yun He”, COSCO’s fifth generation vessel.

SCT is the first joint venture container port in mainland China, jointly established by Hutchison Port Holdings (HPH) and Shanghai Port Authority (SPA). Operations commenced on 12 August 1993.

Vice Mayor of Shanghai, Mr. Han Zheng, attended the ceremony held at Zhanghuabang Terminal of SCT. He mentioned in his speech that throughput volume of Shanghai Port will break through four million TEUs for 1999.

Mr. Chen Xu Yuan, Chairman of SCT, thanked people from the cargo and shipping industry for their contribution to the development of Shanghai Port.

He emphasized that SCT has successfully solved the problem of congestion in the Port through a series of improvement projects involving terminal conversion, equipment procurement and upgrade in computer and application systems. SCT’s annual handling capacity now exceeds two million TEUs.

Mr. James Tsien, Executive Director of HPH, disclosed in his speech that SCT joint venture has been able to achieve 18% annual growth in average during the past six years since the establishment of the joint venture. He attributed the Company’s success to China’s economic reform. He said, “It tells that the open door policy is good and important for the economic development of China.”

In the ceremony, SCT’s management, represented by Mr. Henry Wah, General Manager and Mr. Yuan Zhi Geng, Deputy General Manager, expressed their appreciation for customers’ continuous support. They also voiced their commitment to keep pace with customer needs through continuous improvement in service quality and innovative breakthroughs in operations systems and facilities.

10/13/99