THE HAGUE: October 17, 2016. APM Terminals, part of the A.P. Moller Maersk Group, has established a new joint venture with China's COSCO Shipping Ports and Qingdao Port International for its operations in Vado, Italy.
APM Terminals will have 50.1 percent ownership in the new operation; COSCO Shipping Ports a 40 percent share; and Qingdao Port International a 9.9 percent stake.
The agreement covers APM Terminals' existing terminal in Vado, the largest refrigerated cargo facility on the Mediterranean, and a new 800,000 TEU capacity deep-water terminal currently under construction.
The Port of Vado is in northwest Italy near Genoa, the country's busiest container port, with a throughput of 2.24 million TEUs last year. APM Terminals said the expansion is part of the port's plan to create new and improved supply chain capabilities for markets in Northern Italy, Switzerland and Southern Germany.
The new container terminal at Vado (right) is expected to become operational in 2018 and handle Ultra-Large Container Ships of up to 19,000 TEU capacity. Last year APM Terminals purchased the adjacent reefer terminal with an annual capacity of 275,000 TEUs and more than half a million tons of refrigerated fruit.
COSCO Shipping Ports is a subsidiary of China's COSCO Shipping Group that took over the Greek Port of Piraeus earlier this year. The company has stakes in other APM Terminals including the Suez Canal Container Terminal, Egypt; APM Terminals Zeebrugge, Belgium; and Qingdao Qianwan Container Terminal in Qingdao, China.
"Through global partnerships and shared goals of operational excellence, there is much we can achieve together, even in the current difficult business environment," commented APM Terminals CEO Kim Fejfer. Next month he is succeeded by Morten Engelstoft, currently CEO of A.P. Moller Shipping Services, as he takes up a new role at APM Holding A/S in Copenhagen.