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APM Terminals sells out to Cosco at Zeebrugge

APM Terminals sells out to Cosco at Zeebrugge
A.P Moller - Maersk's APM Terminals has agreed to sell a 76% majority shareholding in the APM Terminals Zeebrugge container terminal to Cosco Shipping Ports.

The sale will give Cosco Shipping Ports 100% ownership of the terminal, once APM Terminals acquires a 25% stake from China's SIPG to add to its own 51% stake.

Wim Lagaay, head of AMP Terminals USA and Europe portfolio, commneted: ''Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long term core assets. 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.''

APM Terminals said the deal, for which financial details have yet to be disclosed, is subject to regulatory approvals although it expects to close the transaction in three to four months.

The Zeebrugge terminal was opened in 2006 and has an annual capacity of 1 million teu.

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