COSCO SHIPPING Ports has sold a stake in its terminal at Khalifa to Qingdao Port International Development (Hong Kong) Co., Ltd.
The new COSCO SHIPPING Ports (Abu Dhabi) Limited terminal (CSP Abu Dhabi) at Khalifa Port in the United Arab Emirates was formed as a joint venture between Cosco SHIPPING PORTS (CSP) with a 90% stake and Abu Dhabi Ports (10%).
CSP has announced its intention to sell 33.35% of its shares to Qingdao Port International Development (Hong Kong) Co., Ltd. (QPI). This would leave CSP with a 60% holding, QPI with 30% and Abu Dhabi Ports a 10% stake in CSP Abu Dhabi. The price of the transaction is US$59,276,030. The deal is still subject to certain conditions, which the sale agreement signed on 26 November gives the parties up four months to fulfil (though extensions can be sought).
In a statement CSP said: “The Company is committed to the development of terminal business. Abu Dhabi Terminal was the first terminal in which the company holds a controlling stake in the Middle East, which demonstrated the company’s strategic plan to proactively build a global terminal network.
“QPI Development has extensive experience in ports operation and reserve of talents. The disposal is expected to further improve the operational efficiency of Abu Dhabi Terminal, increase the terminal’s competitiveness in the Middle East and provide highly-efficient and better ports services to shipping companies. Furthermore, the company believes that the disposal would be beneficial to the two parties in maximising their respective advantages, expanding terminal-extended business and deepening strategic cooperation in terminal business in the long run”.
CSP Abu Dhabi features automated stacking cranes and remote control STS cranes supplied by ZPMC, including the crane control and automation systems. China Cosco has been scheduling calls at the port since trial operations commenced in the spring of 2019.