Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
ICT
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automation
Automated EquipmentGate AutomationRemote ControlProcess Automation
Multimodal
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Refrigeration
Operations/TransportContainer leasingEquipmentM&R/Storage
Breakbulk
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
Environment
Business
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles


register  or  login  for full access to online news

CSP sells stake in Khalifa terminal 

COSCO SHIPPING Ports has sold a stake in its terminal at Khalifa to Qingdao Port International Development (Hong Kong) Co., Ltd.

Linked InTwitterFacebookeCard
China Cosco has been progressively moving business to CSP Abu Dhabi this year
China Cosco has been progressively moving business to CSP Abu Dhabi this year

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.


 

Linked InTwitterFacebookeCard

You may also be interested in...

Hutchison raises rail questions

Crowley selects XVELA

Sails for rockets

CMP/DFDS plug-in

Shore power push in Germany

Tracking in Algeria

Related Stories

Navis acquires Jade Logistics

Adding Jade Logistics’s Master Terminal TOS gives Navis a specialist TOS product...

DB AG to sell Arriva

Richard Lutz, CEO of DB AG, has announced that the company will launch an IPO to...

Konecranes to take full ownership of MHE-Demag

Deal strengthens Konecranes’ footprint in service and support in Southeast Asia.
Linked In
Twitter