Representatives of China’s Qingdao Port Group signed a Memorandum of Understanding (MOU) with APM Terminals executives in The Hague for the APM Terminals Vado, Italy port project.
The MOU will create a new joint venture to invest in and work with other potential partners. Terms and investment amount were not disclosed.
APM Terminals Vado is a new terminal in northern Italy, which when opened in January 2018 is expected to be able to handle both containerized and liquid bulk cargoes – and integrated operationally with the existing 275,000 annual TEU capacity Vado Reefer Terminal facility, which was acquired by APM Terminals in August 2015.
The Italian government is providing EUR 300 million for civil works for the project.
APM Terminals is investing EUR 150 million in the new terminal which will create 450 new jobs when operations commence.
In 2014, the ports of northern Italy’s Liguria range, including La Spezia, Genoa and Savona/Vado, handled a combined 3.5 million TEUs, representing an increase of approximately 6% compared with the previous year.
The Port of Qingdao, located in the Shandong Province on the Yellow Sea, is one of northern China’s major ports. Qingdao is the 7th-busiest container port in the world, and the 5th-busiest in mainland China, with throughput of 16.6 million TEUs in 2014.
APM Terminals is a minority shareholder in the Qingdao Qianwan Container Terminal (QQCT). QQCT has holdings in Qingdao Qianwan United Container Terminal and Qingdao New Qianwan Terminal.