The Port of Algeciras has signed a Memorandum of Understanding (MoU) with Ningbo Zhoushan Port Group to increase the level of commerce between China and Southern Europe.
The agreement was made official at a signing ceremony attended by Manuel Moron, Port of Algeciras Authority (APBA) Chairman, and Ningbo Zhoushan Port Group Chairman Mao Jianhong, formalizing the cooperation between both parties.
Hosted at the Palace of Moncloa in Madrid, the event was also visited by Chinese President Xi Jinping and Spanish Prime Minister Pedro Sanchez.
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According to a statement, several meetings involving both Algeciras and Ningbo Zhoushan took place throughout 2018, including a visit made by a Ningbo Port delegation to the Port of Algeciras in February, and a trade mission by companies from the Port of Algeciras to Ningbo in May.
As part of the MoU, maritime ties between China and Spain are expected to be strengthened, with Algeciras and Ningbo Zhoushan serving as the global logistics hubs supporting this link.
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The agreement also includes a “know-how exchange” on subjects such as sustainable port development, port-city relations, and smart port infrastructure.
Both ports are currently linked via shipping alliances like 2M – of Maersk and MSC Mediterranean Shipping Company – and the Ocean Alliance of CMA CGM, COSCO, OOCL and Evergreen, both of which provide a 23-hour sailing without transhipment.
Over the last eight years, Algeciras’ container terminals have experienced a 145% growth in container trade with China, including both imports and exports.