APM Terminals has concluded an agreement with China COSCO Shipping Ports for the sale of a minority share in a new joint venture created for the APM Terminals Global Terminal Network’s operations in Vado. A similar agreement has also been concluded with Qingdao Port International Development, a wholly-owned subsidiary of Qingdao Port International, which shall become an indirect minority shareholder in the joint venture.
The agreements include interests in both the existing Reefer Terminal in Vado and the new 800,000 TEU capacity deep-water terminal currently under construction at the Port of Vado, opening in 2018. APM Terminals will have a 50.1% share and will operate both the Reefer Terminal and the APM Terminals Vado container terminal; COSCO Shipping Ports will have a 40% share and Qingdao Port International Development a 9.9% share.
“Through global partnerships and shared goals of operational excellence, there is much we can achieve together, even in the current difficult business environment”, stated Mr. Fejfer, APM Terminals CEO, who will be succeeded by Morten Engelstoft on November 1, 2016.
COSCO is already a shareholder in several operations within the APM Terminals Global Terminal Network, such as the Suez Canal Container Terminal, in Egypt; APM Terminals Zeebrugge, in Belgium; and Qingdao Qianwan Container Terminal (QQCT) in China.
APM Terminals and the Qingdao Port Group have existing joint venture relationships with shared investments in QQCT and four other container terminals in Qingdao.
APM Terminals Vado will be a new semi-automated container terminal with the ability to accommodate Ultra-Large Container Ships of up to 19,000 TEU capacity. In August 2015, APM Terminals purchased the existing Vado Ligure Reefer Terminal, which has an annual capacity of 275,000 TEUs and more than half a million tons of refrigerated fruit. Operations at the Reefer Terminal will be merged upon completion with the adjacent APM Terminals Vado container terminal.
Source: APM Terminals
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