China International Marine Containers (CIMC) has entered into an agreement with Ningbo Yinzhou Economic Development Zone Management Committee to build an integrated containers manufacturing base with a total investment of RMB3bn ($480.8m).

The Yinzhou Project, to be developed in two phases, will see an annual production capacity of 200,000 teu in the first phase scheduled for completion in 2015. The second phase by 2018 will increase the production capacity to 450,000 teu per year.

"Leveraging on the gradual recovery of the global economy, as well as the steady increase in global containerisation rate, it is expected that the long term growing trend of demand for containers will continue in the future," CIMC said in a statement.

The company believed that the Yinzhou Project will maintain its leading position in the container industry. It added that the investment amount will be funded out of the group's own capital.