As part of the transaction, APM Terminals has proposed to buy back 25% of the Shanghai International Port Group (SIPG) shares to sell to 24% stakeholder COSCO SHIPPING Ports, along with its own 51% stake in the Belgium-based terminal.
Wim Lagaay, head of APM Terminals USA and Europe Portfolio, stated: “Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long term core assets.”
COSCO SHIPPING and its alliance partners have become major customers of the port and Mr Lagaay explained: “We believe COSCO SHIPPING Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community.”
The businesses are expected to close the deal in November. Further details of the transaction have not been disclosed.
The 1m teu annual capacity terminal was opened by APM Terminals in October 2006. In 2014, APM Terminals sold COSCO SHIPPING Ports its 24% share.
COSCO SHIPPING Ports is a co-shareholder and strategic partner in several operations within the APM Terminals network, including the Suez Canal Container Terminal in Egypt and Qingdao Qianwan Container Terminal (QQCT) and Guangzhou South China Oceangate Container Terminal (GOCT) in China.
In October 2016, COSCO SHIPPING Ports acquired a 40% share in the deepwater APM Terminals Vado terminal project, currently under construction in Italy.
APM Terminals said it will continue to activity seek new partnership opportunities with SIPG, which operates the world’s largest container port in Shanghai.