COSCO Pacific Limited is poised to officially acquire its stake in Rotterdam's Euromax Terminal, said reports.

Euromax Terminal has been scheduled for a total handling capacity of 5.6 million TEUs per year.

“I hope to finalize the deal by the end this year or early next year,” said deputy managing director Ken Chan.

As part of efforts to expand its global portfolio, COSCO Pacific had in December 2006 signed a memorandum of understanding (MOU) to jointly develop and operate the container facilities together with Hutchison's Europe Container Terminals and three other partners.

According to the MOU, Europe Container Terminals would own 51% of the project while COSCO, Taiwan's Yang Ming Marine Transport, Japan's Kawasaki Kisen Kaisha (K Line) Co. Ltd. and South Korea's Hanjin Shipping would divide the remaining shares.

No further details are available although Chan told Reuters that the project's first phase, which will allow 2.3 million TEUs to be handled per year, has been slated to come on stream late 2008.

Chan added that in spite of COSCO's efforts to extend its international operations, the Chinese domestic market will still be the focus as it is the world's fastest growing 'major market'.

According to Drewry Shipping Consultants estimates, major port projects in China will add some 60 million TEUs in capacity from now until end-2009, which is equivalent to about 73% of the country's total capacity last year.

On the Chinese front, COSCO Pacific may take a 20% stake in a container terminal venture between China's Lianyungang Port Group and China Shipping (Group) Company, reports said.

COSCO Pacific has also expressed interest in participating in a $802 million expansion scheme planned by Lianyungang Port Group, a Lianyungang official was quoted saying.

After the expansion, the port would be able to handle up to 10 million TEUs per year by 2020 compared with two million TEUs now, the official added.

According to Chan, COSCO Pacific's total container throughput is expected to rise roughly a fifth in 2007 from 32 million TEUs last year.