APM Terminals sells stakes in Italy terminals to Cosco, Qingdao Port
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.
Photo credit: APM Terminals
APM Terminals has sold minority stakes in two terminals in the northwestern Italian port of Vado to Cosco Shipping Ports and Qingdao Port International Development in the latest expansion of its Chinese partnerships. Cosco and Qingdao will have shares of 40 percent and 9.9 percent, respectively, in an existing reefer terminal and a new deepwater container terminal under construction due to open in 2018.
APM Terminals, Maersk’s port unit, will retain a 50.1 percent stake and will operate both terminals. “Through global partnership and shared goals of operational excellence, there is much we can achieve together, even in the current difficult business environment,” said Kim Fejfer, APM Terminals CEO, who will step down from his post at the end of the month. His successor, Morten Engelstoft, also attended the signing ceremony with Cosco Shipping Ports in Shanghai.
Cosco Ports, a subsidiary of Cosco Shipping, is already a shareholder in several operations with APM Terminals, including the Suez Canal Container Terminal in Egypt, the APM Terminals facility at the Belgian port of Zeebrugge, and the Qingdao Qianwan Container Terminal in China. The agreement follows Cosco’s acquisition in August of a 51 percent stake in Greece’s largest port, Piraeus, where it already operates two terminals that handled almost 3 million twenty-foot-equivalent units in 2015. APM Terminals and Qingdao Port Group also have joint ventures with investments in QQCT and four other terminals in Qingdao, the fifth-largest container port in mainland China, and most recently in Qingdao Port Dongjiakou multipurpose terminal.
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.
The reefer terminal is the largest refrigerated cargo facility in the Mediterranean region.
Vado, located on the Ligurian coast near the port of Genoa, handled 2.24 million TEUs in 2015.