While the fight between Germany and Russia over Ukraine ensues, China steadily continues its own maritime agenda.
Wang Jing, the Chinese billionaire behind the plan to build a waterway across Nicaragua to rival the Panama Canal, is on an international infrastructure binge.
While Ukraine digs itself deeper into political crisis, Beijing Interoceanic Canal Investment Management (BICIM) has been quietly getting on with business.
The Wang-controlled BICIM has agreed to invest US$10 billion in the construction of a port and economic zone in Sevastopol, Ukraine’s second largest port.
BICIM is the parent company of HKND Group, an infrastructure developer that won the concession to build the Nicaragua canal. The experience it will gain in building the canal appears to be one of the reasons BICIM was awarded the contract by the Ukrainian government.
The Sevastopol deep water port will improve China’s shipping access to Europe, cutting thousands of kilometres off the Asia- Europe journey. BICIM will hold a larger share than its Ukrainian partner but Wang declined to reveal details of the other investors, only to say that financial support had been secured.
Full article: From Nicaragua canal to Ukraine ports, developer is on a roll (Maritime Professional)