WASHINGTON: COSCO Shipping Ports Ltd. has acquired a 40 percent stake in Vado Holding B.V. from APM Terminals for a total consideration of 53 million euros (U.S. $58.3 million), the company said in a statement. The port terminal operator arm of the newly merged COSCO Shipping, formerly known as COSCO Pacific, will pay an initial purchase price of just over 7 million euros for share sales. Upon completion, the company will authorize an additional 46 million euros, while Vado Investment will make available up to 69 million euros in shareholder loans or (share premium contributions), for financing of capital expenditures related to the container terminal facility currently under construction at Vado.
The agreement is still subject to approval by the relevant government and competition authorities. Vado Holding owns Vado RT, which operates the Vado Reefer Terminal at the Vado Ligure Port in Liguria, Northwest Italy, one of the largest reefer terminals by volume in the Mediterranean region. With a quay length of 705 meters and a draft depth of 14.5 meters, Vado RT has an annual capacity of up to 300,000 TEUs and 600,000 pallets.
The holding company is also expected to finalize the purchase of 100 percent of issued share capital of Vado Container Terminal in 2018. Vado CT is a new, semi-automated deep-water container terminal currently under construction at the Mediterranean port that will feature 700 meters of quay with a 16 meter maximum draft depth. The new container-handling facility is projected to have an annual capacity of 600,000 TEUs, which will eventually be expanded to 900,000 TEUs, according to COSCO Ports.
The terminal operator said its investment in the Vado terminals aligns with the company’s strategy of developing overseas shipping hubs and strengthening its global network of container terminals.“Benefitting from the supports of container shipping fleets of COSCO SHIPPING Group and A.P. Møller-Maersk Group, the Vado Terminals will secure a solid foundation for sources of cargo. APM Terminals and the Company are confident that the Vado Terminals will have a prosperous future,” COSCO Ports said.
APM Terminals, the port operator subsidiary of Danish conglomerate A.P. Moller-Maersk A/S, acquired Vado RT from GF Group, a leading importer and distributor of fruits and vegetables, including bananas and pineapples under the Fratelli Orsero brand, back in August 2015. The company said at the time its adjacent Vado container terminal would be the only port in Italy able to handle ultra-large containerships with over 18,000 TEUs of capacity when it opens in January.
