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Qingdao Port working with AP Moller-Maersk on tug, bulk business, Italy port project

Qingdao Port working with AP Moller-Maersk on tug, bulk business, Italy port project
Qingdao Port has entered into various cooperation agreements with the giant AP-Moller Maersk Group.

The first is a joint venture (jv) with the Asian unit of Maersk tug arm Svitzer to operate and manage a port tug business. Qingdao Port will own 55% of the JV, while Svitzer Asia will take up the remaining 45%.

In addition, Qingdao Port and Maersk's terminals arm APM Terminals will look into setting up a JV company to operate and manage the Vado Ligure Port terminal project in Italy with other strategic partners.

And in exchange APM Terminals, through its bulk handling unit APM Terminals Bulk Qingdao, will get a 20% stake in Qingdao Port's multi-purpose berth project in Dongjiakou, which is set to become one of the biggest bulk port terminals in China.The agreements would expand the strategic cooperation between Qingdao Port and Maersk Group in China from the container terminals in Qianwan to bulk cargo terminals in Dongjiakou as well as the port tug business in the Port of Qingdao, the company said in a stock market announcement.
Meanwhile cooperation on the Vado Ligure Port terminal project will boost "the implementation of the internationalization strategy of the company, improving the operation and management level of container terminals, bulk cargo terminals and port tug business of the company to international advanced standards, so as to achieve satisfactory economic and social benefits as well as powerful combination and win-win progress," it added.