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APM Terminals to divest Zeebrugge share

 

APM Terminals and Hong Kong-based COSCO SHIPPING Ports Ltd (COSCO SHIPPING Ports), a subsidiary of China COSCO Shipping Corporation Ltd (COSCO SHIPPING), have reached an agreement on the key terms of the proposed sale of APM Terminals’ 76 per cent majority shareholding in the existing APM Terminals Zeebrugge container terminal to COSCO SHIPPING Ports. The acquisition will bring COSCO SHIPPING Ports’ shareholding in the 1 million TEU annual capacity terminal in Belgium’s second-busiest container port to 100 per cent, said a release.

 

As part of the transaction, APM Terminals has proposed to buy back 25 per cent of the Shanghai International Port Group (SIPG) shares and will then sell them together with APM Terminals’ own 51 per cent stake in Zeebrugge to COSCO SHIPPING Ports. Further details of the transaction have not been disclosed, which is subject to customary regulatory approvals—expected to take three to four months for completion.

 

APM Terminals opened the Zeebrugge terminal in October 2006 and later sold a 24 per cent share to COSCO SHIPPING Ports in 2014. COSCO SHIPPING and its alliance partners have become the major customers of the port with a long-term interest to grow port volumes. "Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long-term core assets. We believe COSCO SHIPPING Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community," said Mr Wim Lagaay, Head of APM Terminals USA and Europe Portfolio, based in The Hague, Netherlands.

 

COSCO SHIPPING operates the world’s largest shipping fleet by tonnage. COSCO SHIPPING Ports is a co-shareholder and strategic partner in several operations within the APM Terminals global terminal network, including the Suez Canal Container Terminal in Egypt and Qingdao Qianwan Container Terminal (QQCT) and Guangzhou South China Oceangate Container Terminal (GOCT) in China. In October 2016, COSCO SHIPPING Ports acquired a 40 per cent share in the deepwater APM Terminals Vado terminal project under construction in Vado, Italy.

 

The divestment will fundamentally not change the commercial and operational strategies as APM Terminals Zeebrugge is a common-user facility with a strong track record of serving alliances and shipping lines successfully with berth and quay crane productivity, the release stressed.

 

Source: Exim News Service - The Hague, Sept. 13

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