Tianjin Port subsidiary to upgrade cranes in 89.88m yuan deal

Tianjin Port Holdings announced its board of directors approved the procurement of new gantry cranes for its controlling subsidiary, Tianjin Port Yuanhang International Ore Terminal. The project, totaling 89,881,260 yuan, was awarded to Tianjin Jinan Heavy Industry Co., Ltd. through a public tender process. This transaction constitutes a related party transaction.

The upgrade addresses the aging of Yuanhang International’s existing gantry cranes, which have exceeded their 12-year depreciation period and have been in use for over 19 years. The five cranes, originally manufactured in 2006, have shown increased failure rates, higher maintenance costs, and structural cracks due to prolonged heavy-duty operation. The new cranes are expected to enhance cargo handling efficiency, operational safety, and reduce maintenance expenses.

Prior to this transaction, the cumulative value of related party transactions of a similar category over the past 12 months was 78,116,115 yuan. With the inclusion of this procurement, the total amount now falls within the board's approval authority. The transaction was approved by the independent directors.