Cosco Pacific Buys Stake in Euromax Terminal in Rotterdam

Image Courtesy: ECT

Hong Kong-listed Cosco Pacific Limited has entered into a share sale and purchase agreement with Hutchinson Port Holdings to acquire a 35% equity interest in Euromax container terminal in Rotterdam.

The consideration for the acquisition comprises of €41.43 million for 35% of the share capital of Euromax and €84 million for 35% of the shareholder’s loan of €240 million, totaling in €125.43 million (USD 143 million).

Cosco Pacific said that the decision to purchase the stake was driven by the fact that based on the medium to long-term development trend, the Port of Rotterdam will continue to be Europe’s main hub, thus making this a strategically smart move. In addition, Rotterdam has been the base port of Cosco Shipping in North-western Europe for a long time.

“The Board expects Cosco Shipping to continue to deploy ultra-large container vessels to the European shipping route and call the Port of Rotterdam as its major hub in the region. The company’s investment in a container terminal in the Port of Rotterdam is not only in line with the company’s strategy of investing in overseas hubs, but also coordinates with Cosco Shipping ’s hub strategy, resulting in a good synergy,” the company adds.

The deal is however subject to regulatory approvals from relevant competition authorities.

Located at the area of Maasvlakte I of Port of Rotterdam in the Netherlands, Euromax Terminal Rotterdam is an automatic container terminal which commenced operation in mid-2010.

The total area including Phase 1 and Phase 2 is 1.21 million square metres with a total quay length of 1,800 metres and a draft depth of 16.65 metres. The current operating capacity is around 2.55 million TEU, which is set to be increased to 3.2 million TEU after the completion of Phase 2 expansion.

The total throughput of the terminal in 2015 was about 2.28 million TEU.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >