A.P. Moller-Maersk Group signed a framework agreement with Shanghai Zhenhua Port Machinery Co in Shanghai yesterday to buy port container cranes worth about US$1.5 billion over the next five years.

In a separate, more specific, deal, the world's biggest shipping and port group also signed a crane order worth nearly US$200 million with Shanghai Zhenhua, the world's biggest maker of container cranes.The order includes 20 quayside container cranes and 30 gantry cranes, the companies said yesterday.

Ports operated by A.P. Moller-Maersk will continue to buy port machinery from Shanghai Zhenhua for the five-year period, according to the deal. Shanghai Zhenhua will receive an annual order of about US$300 billion from A.P. Moller over the duration of agreement.

A.P. Moller-Maersk owns the world's biggest fleet of container ships, comprising more than 500 large vessels. It also operates more than 50 container ports across 25 countries and regions.

Shanghai Zhenhua, which holds a 74 percent share of the world's container crane market, reported sales of 16.81 billion yuan (US$2.2 billion) in 2006, up 39 percent from 2005.

Source:佚名