Drewry: PSA to overtake COSCO in terminal capacity by 2028
NewsDrewry’s latest report predicts PSA will surpass COSCO Shipping in terminal capacity by 2028, reshaping the top of the global container terminal rankings.
APM Terminals takes new partners for Vado
COSCO Shipping Ports and Qingdao Port International Development have partnered with APM Terminals to operate new and existing container terminals in Vado, Italy.
Last year APM Terminals (APMT) announced two new deals involving the Qingdao Port Group: APMT would take a 20% stake in a new dry bulk terminal in Qingdao’s Dongjiakou Port; and the signing of an MoU for the APMT Vado port project in Italy, which would include then yet to be named “other potential partners”.
APMT has now announced it has concluded an agreement with China COSCO Shipping Ports and Qingdao Port International Development (Hong Kong) Co., Limited, a wholly-owned subsidiary of Qingdao Port International Co., Ltd., which shall become an indirect minority shareholder in a joint venture for Vado.
“The agreements include interests in both the existing Reefer Terminal in Vado, the largest refrigerated cargo facility on the Mediterranean Sea, and the new 800,000 TEU capacity deep-water terminal currently under construction at the Port of Vado. APM Terminals will have a 50.1% share and will operate both the Reefer Terminal and the APM Terminals Vado container terminal; COSCO Shipping Ports will have a 40% share and Qingdao Port International Development (Hong Kong) Co., Limited a 9.9% share,” APMT explained.
The signing ceremony with COSCO Shipping Ports was held in Shanghai, and attended by current APM Terminals CEO Kim Fejfer, as well as Mr. Morten Engelstoft, who will succeed Mr. Fejfer as CEO on November 1st.
“Through global partnerships and shared goals of operational excellence, there is much we can achieve together, even in the current difficult business environment” stated Mr. Fejfer, adding “and we are pleased to build upon our close relationships with COSCO Shipping Ports, and the Qingdao Port Group.”
APMT made mention of the fact that COSCO Shipping Ports, a subsidiary of COSCO Shipping Group, assumed control over the Greek Port of Piraeus earlier this year. “With the support of its affiliated shipping line, COSCO Container Lines, the world’s number one in total tonnage and number four in container capacity, COSCO Shipping Ports has been expanding its operations in the Mediterranean Region as part of the “One Belt One Road” initiative to strengthen logistics links between China and Europe. COSCO is already a shareholder in several operations within the APM Terminals Global Terminal Network, such as the Suez Canal Container Terminal, in Egypt; APM Terminals Zeebrugge, in Belgium; and Qingdao Qianwan Container Terminal (QQCT) in China,” APMT stated.
The Vado development plans to create new and improved supply chain capabilities for markets in Northern Italy, Switzerland and Southern Germany. APMT Vado will be a semi-automated terminal with ASCs and shuttle carriers, designed to handled ULCVs up to 19,000 TEU. The new facility will be merged with the existing Vado Ligure Reefer Terminal, which has an annual capacity of 275,000 TEUs and more than half a million tons of refrigerated fruit.
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