COSCO Seals $42 Million Zeebrugge Deal

 10 Nov 2017 11.21am

Chinese operator COSCO Shipping Ports has reached a conclusion in the deal to acquire a majority stake in Zeebrugge container terminal in Belgium, operated by APM Terminals, according to JOC.com.

Operators involved have met all the legal conditions required for transferring 76% of shares in the terminal to COSCO Shipping Ports, signed on September 11, 2017.

APM Terminals has reportedly also entered into a share purchase agreement with Shanghai International Ports Group (SIPG) to buy its stake in the terminal.

Elsewhere in Europe, COSCO Shipping Ports executive Kai Sun has become Spanish Noatum Ports’ new CEO following on from the transfer of 51% of shares in Noatum Port Holdings to COSCO as announced in June, 2017.

COSCO Shipping has also acquired a 51% stake in the Port of Piraeus, Greece on Wednesday August 10, 2016.

Read a related paper from Olaf Merk explaining China's One Belt, One Road policy and related recommendations for European policy-makers.

Port of Zeebrugge CEO Joachim Coens said: “Cosco Shipping Ports’ ambition to invest in our port is a strong signal for Zeebrugge.

“The Cosco Group takes control of the APM Terminal, a transfer of shares from one international group to another.

“The link between Cosco Shipping Ports and Cosco Shipping Lines is definitely an opportunity to increase the container traffic in Zeebrugge.

“Cosco Shipping Ports confirms to have strong commercial support for this operation from the Cosco company.”

Read more: APM Terminals has agreed to sell Hong Kong-based COSCO Shipping Ports its 76% majority stake in APM Terminals’ 1 million TEU capacity Zeebrugge container terminal.

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