COSCO Shipping to Buy 51 Pct Stake in Spain’s Noatum Port

Hong Kong-listed COSCO Shipping Ports Limited has entered into an agreement to purchase a 51 percent stake in the Spanish container terminal operator Noatum Port Holdings.

The EUR 203 million (USD 228 million) worth deal includes the company’s container terminals in Valencia and Bilbao, as well as the dry ports of Madrid (Conterail) and Zaragoza (Noatum Rail Terminal Zaragoza).

Noatum Container Terminal Bilbao and Valencia, as public terminals, will continue to offer their infrastructure and services to all shipping companies calling at the ports of Bilbao and Valencia, respectively, under conditions of neutrality and in accordance with concession terms and contract commitments. The company added that the same will apply for the dry port terminals.

Under the deal, the parties said that they will aim to maximize the capacity and performance of the terminals by implementing long-term strategic plans.

“The new partnership enhances our capacity to increase cargo volumes and reinforces the ports of Valencia and Bilbao, as well as improve service levels to customers,” Douglas Schultz, CEO of Noatum Ports and Maritime, said.

Noatum Port Holdings informed that the completion of the transaction is subject to shareholder approval, certain conditions precedent and relevant regulatory approvals being achieved.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >