APM Terminals has agreed the sale of a minority share to both COSCO and Qingdao Port International Development Co, in a new joint venture for APMTs operation in Vado Italy.
The agreements include interests in both the existing Reefer Terminal in Vado and the new 800,000 teu capacity deep-water terminal currently under construction at the Port of Vado.
The joint venture breaks down with APM Terminals holding 50.1 percent and will operate both the Reefer Terminal and the APM Terminals Vado container terminal, COSCO Shipping Ports will hold 40 percent and Qingdao Port International Development Co Limited 9.9 percent.
COSCO Shipping Ports assumed control over the Greek Port of Piraeus earlier this year and has continued expanding its operations in the Mediterranean as part of the “One Belt, One Road” initiative to strengthen logistics links between China and Europe.
COSCO is already a shareholder in several operations within the APM Terminals Global Terminal Network, such as the Suez Canal Container Terminal, in Egypt; APM Terminals Zeebrugge, in Belgium; and Qingdao Qianwan Container Terminal (QQCT) in China.