The Port of Qingdao, the world's ninth largest, will triple its annual investment from more than US$452.96 million $1.51 billion in 2011, said Chang Dechuan, president of Qingdao Port (Group).

He added that Qingdao would also construct a 300,000 tonne oil dock and a 250,000 tonne coal dock, reported China Daily.

"Next year will be crucial for the port's extension," he said during the World Shipping (China) Summit.

The port will realise a container throughput of more than 12 million TEUs and total cargo throughput of more than 350 million tonnes in 2010, Chang said.

He expected a year-on-year increase of eight percent for total throughput and 10 percent for container throughput in 2011.

"The port capacity is less than the actual throughput, that's why we are accelerating investment to expand the docks to accommodate larger ships," he said.

It is also considering preparing further dock construction for Chinamax, a domestically manufactured ship of 400,000 tonnes, which will be delivered in the first quarter of next year.
In 2010, the port invested more than $452 million to construct an iron ore dock of 300,000 tonnes.

Chang said the increased investment would be raised by the port itself. Apart from dock construction, the money would also be used to introduce new technologies and restructure work processes.