In a bid to capitalise on the EU-based TEN-T network, the world’s second largest shipping line MSC has opted to purchase a 45% stake in the Trieste marine terminal, according to the Journal of Commerce.
This follows news that the carrier is working on an expansion for its Viau Container Terminal at the Port of Montreal, which is taking place to boost TEU capacity at the terminal.
Swiss-based MSC’s Italian holding company, Marinvest, is to purchase the stake from Trieste terminal owner TO Delta group for around US$22.8 million.
MSC’s decision to follow through with the stake sale is anticipated to strengthen its position in the TEN-T network, as the port of Trieste is situated in such a way that it is based in a key part of the TEN-T’s transportation corridors.
As well as its terminal plans, the carrier recently signed a credit guarantee agreement with China Exim Bank for $690 million in funding.
MSC plans to use this investment to purchase 10 container ships, which will all be over 10,000 TEU and will be leased to MSC on delivery.