Displacement and collapse of berth at EC World Reit's Chongxian Port Investment

THE manager of EC World Real Estate Investment Trust (Reit) announced that there had been an incident of displacement and collapse of a berth at its Chongxian Port Investment, resulting in the damage of two gantry cranes located within the vicinity of the berth.

Due to the location of the damaged area, the operations at the damaged berth and its two adjacent berths have been suspended, said the manager in a bourse filing on Friday. No injuries were reported, and the rest of the port operation remains unaffected.

Chongxian Port Investment is a port logistics asset with 23 berths and is located in the west of Chongxian New City, north of Hangzhou, on the east bank of the Beijing-Hangzhou Grand Canal. It has a total designed annual throughput capacity of some six million tonnes.

A team from the property manager was on site immediately to assess the damage, and the incident has been reported to the relevant governmental agencies as well as the insurer, said EC World Reit's manager.

The cause of the incident is still being investigated, and it is working closely with the insurer to assess the quantum of revenue loss and property damage recoverable by insurance claims, it added.

Units of EC World Reit closed down S$0.01 or 1.34 per cent at S$0.735 on Friday.