Cosco Shipping Ports buys over Zeebrugge Terminal from APM Terminals
Seatrade Maritime News
Cosco Shipping Ports has completed a deal to take over all of APM Terminals’ Zeebrugge Terminal in Belgium for EUR35m, expanding from its current 24% stake in APM Terminals Zeebrugge (APMTZ).
The Hong Kong-based container ports specialist said in a stock market announcement that the deal involves first the acquisition of Shanghai International Port Group’s (SIPG) 25% stake in the terminal by APM Terminals, which will then sell its own 51% stake plus SIPG stake to its unit Cosco Shipping Ports Development.
Cosco Shipping Ports noted that Port of Zeebrugge is a natural deep-water harbour which can accept mega-vessels, and the second largest port in Belgium as as being well-located within key ports in Europe such as Hamburg, Le Havre and UK ports. In addition, it is also a transportation hub and has a good network of road and rail connections throughout Continental Europe and to other ports in Northwest, Central and Eastern Europe.
The deal will see Zeebrugge Terminal becoming the first terminal in Northwest Europe in which Cosco Shipping Ports holds a controlling stake. and will help establish a major hub ports and global strategic focal point.
Explaining the rationale for the move the company: said: “The board believes that, holding a controlling stake in APMTZ aligns with the company’s stated strategy of “developing a comprehensive and well-balanced global terminals network” and “strengthening control and management of the terminals”, and also allows the company to effectively track the future routes development of Cosco Shipping Lines, a fellow subsidiary of the company, in Northwest Europe, uncover new growth prospects, maximise the synergies with the container fleet of Cosco Shipping and the Ocean Alliance and provide high quality and efficient services to shipping companies.”