APM Terminals is to sell its shareholding in its container terminal in Aliaga, near Izmir, Turkey, to its partner Socar - the Azerbaijani state oil company.
The move provides further evidence of APMT’s new corporate strategy which is based on disposing of assets that are viewed as not being core to supporting its liner shipping sister company Maersk Line and monetising assets where it does not have controlling interests. APMT’s stake in this terminal was believed to be 30% and it had a 28-year BOT concession that commenced in 2012.
A statement released by APMT said that Socar was better suited to investing in and developing the facility, which will be renamed Petlim Container Terminal (PCT), but that APMT would continue to manage it. A new long term contract is being drawn up and the transaction is expected to be completed by the end of 2018. Neither party was prepared to disclose the value of the deal.
“We will continue to manage the container terminal in the same way we have done from the beginning and there will be no change in operations or services,” stressed Leo Huisman, head of terminals in Europe for APMT. “We foresee no job losses [currently 310 employees] and will honour all contracts we made with vendors and suppliers prior to the transaction.”
To date, over US$450M has been invested in PCT which features a 700m quay line and draught of 16m. It has an annual handling capacity of 1.3M TEU and its main customer is Maersk Line and its main service divisions Hamburg Sud and SeaLand. Opened in 2016, the facility handled just under 208,000 TEU in 2017.