OREANDA-NEWS. June 20, 2012. The world's fastest growing deep-water container port - called by Daily Maersk - will be expanded in a joint venture between APM Terminals and local authorities in a deal that will help a strong Chinese export economy.APM Terminals has signed a USD 673 m deal with a Chinese port authority to expand an east coast container terminal enjoying strong demand from a thriving provincial economy.The cooperation agreement to enlarge the Meishan box facility at Ningbo, south of Shanghai, secures APM Terminals' strategic presence near Zhejiang Province's clusters of privately owned manufacturers.Their exports, ranging from auto parts to cigarette lighters, make Ningbo the fastest growing container gateway in China and the fastest growing deep-water box hub in the world. "This agreement creates important, new port capacity needed for our customers in one of the fastest growing container markets in the world", says Henrik Lundgaard Pedersen, CEO of APM Terminals Asia-Pacific region. APM Terminals leaders gathered with counterparts from Ningbo Port Group in Copenhagen Friday, in conjunction with Chinese President Hu Jintao's visit, to ink the deal that will increase Meishan's capacity by about 3 million TEU.Under terms of the agreement, the Hague-based port operator will take a 25% stake both in the development and operations of three new berths at the container terminal that can expect strong growth from Maersk Line.Economy on the makeWith Ningbo's container throughput rising by about 17 per cent annually and tipped to exceed 80% utilisation by the end of 2012, Meishan's No. 3, 4 and 5 berths will accommodate an additional 2.8 million TEU. Together the three berths will comprise 1km of quay and support Maersk Line's strong local growth rate. "This partnership will provide a solid foundation for Maersk Line business growth in the fast expanding Ningbo market," Maersk Line Far East Asia LOC manager Brian Noe Kristensen says."It will enable us to better cater for our customers' needs through better reliability, higher productivity and more sophisticated port facilities, accommodating the upcoming Triple- E vessels. It will also allow Maersk Line to consolidate, enabling transhipment opportunities as well as network cost savings." Ningbo Port • 3rd largest port in China with 14.5 million TEU • Fastest growing gateway port to Eastern China • 6th largest container port in the world Boasting five deep water container berths, Meishan is the newest container terminal at Ningbo. The greater port services China's most vibrant private manufacturers, whose products enjoy significant competitive advantages thanks to market-based efficiencies and economies of scale from industry clustering.