Cosco Shipping and CMA Terminals Holding expanded partnership in port operations

Cosco ShippingCosco Shipping Ports and CMA Terminals Holding signed memorandum of understanding on the expansion of their strategic cooperation in the field of port operations and investments. The both sides agreed to develop cooperation in ports around the world, but primarily in the ports in the shipping lines operated by the members of the alliance carriers The Ocean Alliance. Another priority area of ​​cooperation will be to support those ports, investments that have already made the second side. The statement noted that the cooperation between the two terminal units of CMA CGM and Cosco Shipping is developing dynamically since the establishment of The Ocean Alliance in April 2016.

CMA Terminals Holding owns 13 terminals around the world, including in the United States, on the islands of the Caribbean archipelago, in France, the Netherlands, Ukraine, the Middle East, Egypt and Vietnam. CMA CMG also owns a 51% stake in the operator terminal Terminal Link. The other 49% is owned by the Chinese corporation CMNI.

The Chinese port operator Cosco Shipping Ports has stakes in 37 container terminals around the world. The turnover of the terminals in the investment portfolio of the company amounted to 95 million TEU at the end of 2016, which is 5% more than an year ago. At the same time, the turnover of terminals outside of China increased by 37% to 13.5 million TEU. Last year, the Chinese company acquired a controlling stake in the largest Greek port of Piraeus, 35% share from container terminal at Port of Rotterdam and 40% of two terminals in the Italian port of Vado, which is the largest Mediterranean refrigerated terminal. The company invested in the construction of a deep-water container terminal with capacity of 800,000 TEU.

Earlier it was announced that China Development Bank will provide a 26 billion CNY investment in the development of the terminal network. The funds will be allocated in the framework of the Economic Silk Belt Road initiative, aimed at strengthening the trade and cooperation between China and Europe and with the countries along the trade route.