Ambitious Qingdao Port Group has unveiled plans for a new container terminal, which will be funded by a CNY 6.22bn ($900m) joint venture (JV).

The Shangdong port group has created the JV with China Merchants, an established port operator.

Financial backing for Qingdao New Qianwan Container Terminal is also being given by Cosco Pacific, DP World, AP Møller-Maersk and Pan Asia Shipping.

The new joint venture, called Qingdao Qianwan United Container Terminal, will oversee the operation of nine berths at Qingdao, with a shoreline of 3.16km.

Qingdao Port Group said the project aimed to help the port benefit from an expected upturn in the world economy.

Container throughput at Qingdao, the world's seventh largest port in terms of trade volume, rose 2.3% in the first 11 months of 2009 to 9.4m TEU.

Qingdao Port Group will also focus on developing its dry cargo and wet facilities.

It plans to construct four 400,000-dwt, two 200,000-dwt and five 100,000-dwt terminals in Dongjiakou Port Area, which are designed to load and unload iron ore, crude oil, coal and bulk cargoes.

The investment in the terminals, which was announced last year, will cost CNY 3bn, vice-president Tian Guangwen said.