Cosco Shipping Ports completes sale of 10% Zebrugge terminal stake to CMA CGM

After taking over full equity interest in CSP Zeebrugge Terminal in November 2017, Cosco Shipping Ports (CSP) has announced that it as planned, has sold a 10% stake to CMA CGM Group’s container terminals unit CMA Terminal.

CMA CGM is currently the major client of CSP Zeebrugge and accounted for one-third of the terminal’s total throughput in 2017. The strategic partnership with CMA CGM should foster the development of CSP Zeebrugge into a major hub port in Northwest Europe, CSP said in a press release.

CSP completed the acquisition of the remaining 76% equity interest in CSP Zeebrugge Terminal in November 2017 and made it a wholly-owned subsidiary after taking over APM Terminals’ interest for 35m euros. The company then sealed a concession agreement for the terminal with the Port of Zeebrugge and also announced CMA CGM would take a 10% stake.

CSP said it is dedicated to the strategic development of the terminal by enhancing management and services, and forming strategic partnerships for the long-term development of the terminal. In May 2018, CSP also formed another strategic alliance with the Port of Zeebrugge, with the Port authority of Zeebrugge taking a 5% stake in CSP Zeebrugge.

There are plans to not only to develop the terminal into a strategic hub port but also an ultra-logistics platform to serve continental Europe and the British Isles, where CSP will work closely with the Port of Zeebrugge on the Maritime Logistic Zone.

The Port of Zeebrugge enjoys a strategic geographic position in Europe and is a transportation hub for global container traffic. The port also benefits from good connections to other European countries through a dense network of road and rail connections.

Read More: Cosco Shipping Ports seals fresh concession agreement with Port of Zeebrugge, ties up with CMA CGM

CSP vice chairman and md Zhang Wei said: “The 10% investment by CMA CGM in CSP Zeebrugge enables the terminal to further secure the volume from CMA CGM and Ocean Alliance, and enhance its operational efficiency. The strategic partnership sets a success example for the future cooperation among members of shipping alliances and terminals.”

He added: “CSP Zeebrugge is the first terminal in Northwest Europe in which Cosco Shipping Ports holds a controlling stake, which is a part of our effort in globalization and building a global terminal network with highly efficient and cost-effective services to serve shipping companies. We will continue to strengthen the cooperation with members of Ocean Alliance and maximize the synergies among us.“ Cosco Shipping is a fellow Ocean Alliance member with CMA CGM.

CMA CGM Group executive officer Farid Salem said: “Through this investment, CMA CGM is pleased to develop its strategic partnership with Cosco Shipping Ports and to be part of Zeebrugge Terminal’s future. Zeebrugge enjoys a central location in Europe which, combined with CMA CGM service offering and customer-centric strategy, will offer many new opportunities to the group’s customers. This investment is in line with the group’s global strategy and will strengthen CMA CGM’s position in the deep-sea container trades.”

Posted 23 July 2018

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

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