The terminal operator APM Terminals sold minority stakes in two terminals at Port of Vado in Italy to Chinese companies Cosco Shipping Ports and Qingdao Port International Development. The subject of transaction are the largest in the Mediterranean reefer terminal and the new deepwater container terminal under construction due to open in 2018. According to the agreement Cosco Shipping Ports will acquire 40% from each of the assets, while Qingdao Port International Development gets 9.9% and APM Terminals reserves 50.1% and will remain the operator of both ports. The finance details of the transaction and additional obligations were not disclosed.
“Through global partnership and shared goals of operational excellence, there is much we can achieve together, even in the current difficult business environment”, said the CEO of APM Terminals, Kim Fejfer.
Port of Vado is located on the Ligurian coast near the port of Genoa, handling 2.24 million TEU annually. The reefer terminal is the largest refrigerated cargo facility in the Mediterranean region. The semi-automated Vado terminal will have an annual capacity of 800,000 TEUs and will be the only facility in the northern Italian ports to accommodate vessels up to 19,000 TEUs without any physical restrictions. APM Terminals expects to complete construction of the APM Vado terminal in the deepwater port of Savona at the beginning of 2018.
Cosco Shipping Ports is a subsidiary of Cosco Shipping Group. Together with the shipping line Cosco Container Lines it is increasing its presence in the Mediterranean, aiming to strengthen the trade and cooperation between China and Europe. Cosco is already a partner in several APMT terminals, including terminal Egyptian Suez Canal Container Terminal, APM Terminals Zeebrugge in Belgium, and Qingdao Qianwan Container Terminal (QQCT) in China.
APM Terminals and operator Qingdao Port International Development are partners in QQCT terminal, four container terminals in the port of Qingdao and a new universal terminal Qingdao Port Dongjiakou. Qingdao Port is the fifth largest container port of mainland China with annual turnover of 17.4 million TEU.