CSPL SPV, a subsidiary of China’s COSCO Shipping Ports, has signed a share sale and purchase agreement to buy a 40% share in the existing Vado Reefer Terminal, located in Vado Port in Liguria, Italy, from APM Terminals.
The deal, which has total considerations of €53m, also includes a new deep-water container terminal under construction at the port.
With the agreement, Cosco Shipping aims to develop overseas shipping hubs and boost its global container terminals network.
APM Terminals Vado Holding (Vado Holding), through its holding company Vado RT operates the Vado Reefer Terminal, which has an annual capacity of maximum 300,000 twenty foot equivalent unit (TEU).
The terminal also has 600,000 pallets with draft depth of around 14.5m, and is one of the largest reefer terminals in the Mediterranean region.
The terminal features 705m of quay length, 465m of which can handle containers.
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A new semi-automated container terminal, which is currently under development at Vado Port, is expected to become operational by 2018.
Initially, the terminal will have an annual capacity of 600,000TEU, which will be expanded to 900,000TEU with a draft depth of a maximum of 16m and quay length of 700m.
Meanwhile, APM Terminals said that it had also entered into a deal with Qingdao Port International Development (Hong Kong) in order to jointly operate the existing Vado Reefer Terminal and new container terminal in Vado Port.
Following the completion of the deal, Qingdao Port International Development (Hong Kong) will own 9.9% share in existing and new container terminals in the port.
Image: deal signing ceremony. Photo: courtesy of COSCO SHIPPING Ports Ltd.