01/01/0001
New Partners for Vado
APM Terminals has concluded an agreement with China COSCO Shipping Ports for the sale of a minority share in a new joint venture created for the APM Terminals Global Terminal Network’s operations in Vado, Italy. A similar agreement was concluded with Qingdao Port International Development earlier this year. The signing ceremony with COSCO Shipping Ports was held in Shanghai on October 12th, and attended by current APM Terminals CEO Kim Fejfer, as well as Mr. Morten Engelstoft, who will succeed Mr. Fejfer as CEO on November 1st.
The Joint Venture agreements include interests in both the existing Reefer Terminal in Vado, the largest refrigerated cargo facility on the Mediterranean Sea, and the new 800,000 TEU capacity deep-water terminal currently under construction at the Port of Vado. APM Terminals will hold a 50.1% share and will operate both the Reefer Terminal and the APM Terminals Vado container terminal; COSCO Shipping Ports will hold a 40% share and Qingdao Port International Development (Hong Kong) Co., Limited, a 9.9% share. The agreements are subject to standard regulatory approvals.
COSCO is already a shareholder in several operations within the APM Terminals Global Terminal Network, including the Suez Canal Container Terminal, in Egypt; APM Terminals Zeebrugge, in Belgium; and Qingdao Qianwan Container Terminal (QQCT) in China. APM Terminals and the Qingdao Port Group have existing joint venture relationships with shared investments in QQCT, along with four other container terminals in Qingdao, and most recently, Qingdao Port Dongjiakou Multi-Purpose Terminal.
The Port of Vado is located in north-western Italy in the region of Savona on the Ligurian Coast, near Genoa. The expansion of Vado’s facilities is part of the port’s master plan to create new and improved supply chain capabilities for markets in Northern Italy, Switzerland and Southern Germany.
APM Terminals Vado, scheduled to become operational in 2018, will operate as a semi-automated container terminal, with the ability to accommodate Ultra-Large Container Ships (ULCS) of up to 19,000 TEU capacity without any physical restrictions, unique among North Italian ports. In August 2015, APM Terminals purchased the existing Vado Ligure Reefer Terminal, which has an annual throughput capacity of 275,000 TEUs and more than half a million tons of refrigerated fruit. Operations at the Vado Reefer Terminal will be merged with the adjacent APM Terminals Vado container terminal when construction is completed.
The Joint Venture agreements include interests in both the existing Reefer Terminal in Vado, the largest refrigerated cargo facility on the Mediterranean Sea, and the new 800,000 TEU capacity deep-water terminal currently under construction at the Port of Vado. APM Terminals will hold a 50.1% share and will operate both the Reefer Terminal and the APM Terminals Vado container terminal; COSCO Shipping Ports will hold a 40% share and Qingdao Port International Development (Hong Kong) Co., Limited, a 9.9% share. The agreements are subject to standard regulatory approvals.
COSCO is already a shareholder in several operations within the APM Terminals Global Terminal Network, including the Suez Canal Container Terminal, in Egypt; APM Terminals Zeebrugge, in Belgium; and Qingdao Qianwan Container Terminal (QQCT) in China. APM Terminals and the Qingdao Port Group have existing joint venture relationships with shared investments in QQCT, along with four other container terminals in Qingdao, and most recently, Qingdao Port Dongjiakou Multi-Purpose Terminal.
The Port of Vado is located in north-western Italy in the region of Savona on the Ligurian Coast, near Genoa. The expansion of Vado’s facilities is part of the port’s master plan to create new and improved supply chain capabilities for markets in Northern Italy, Switzerland and Southern Germany.
APM Terminals Vado, scheduled to become operational in 2018, will operate as a semi-automated container terminal, with the ability to accommodate Ultra-Large Container Ships (ULCS) of up to 19,000 TEU capacity without any physical restrictions, unique among North Italian ports. In August 2015, APM Terminals purchased the existing Vado Ligure Reefer Terminal, which has an annual throughput capacity of 275,000 TEUs and more than half a million tons of refrigerated fruit. Operations at the Vado Reefer Terminal will be merged with the adjacent APM Terminals Vado container terminal when construction is completed.