COSCO Shipping Ports (CSP) has announced it has sold 10% of the Zeebrugge Terminal to French Shipping giant CMA CGM, claiming that the deal will help turn the terminal into a major northern European hub.
CMA CGM’s operations account for one-third of cargo transported through the Zeebrugge Terminal, which has been a wholly owned subsidiary of COSCO since November 2017, with 5% owned by the Zeebrugge Port Authority.
In a statement regarding the acquisition by CMA-CGM, Zhang Wei, Vice Chairman and Managing Director of COSCO Shipping Ports, said: “The 10% investment by CMA CGM in CSP Zeebrugge enables the Terminal to further secure the volume from CMA CGM and Ocean Alliance, and enhance its operational efficiency.
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“The strategic partnership sets a success example for the future cooperation among members of shipping alliances and Terminals. CSP Zeebrugge is the first Terminal in Northwest Europe in which COSCO SHIPPING Ports holds a controlling stake, which is a part of our effort in globalization and building a global Terminal network with high efficient and cost-effective services to serve shipping companies.
“We will continue to strengthen the cooperation with members of Ocean Alliance and maximize the synergies among us.”
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