COSCO Expands Port Operations With Acquisitions in Shanghai, Spain
(Beijing) — China’s largest shipping company is buying stakes in two more ports, one in Shanghai and the other in Spain, as it seeks to further diversify its conglomeration of business operations.
China COSCO Shipping Corp. Ltd. agreed to take 15% ownership of Shanghai International Port Group Co. Ltd. from Shanghai Tong Sheng Investment Group Co. Ltd. for about 19 billion yuan ($2.8 billion), the Port of Shanghai said Monday.
Shanghai International Port operates the public terminals in the Port of Shanghai, the busiest container port in world with a shipment volume of 37 million twenty-foot equivalent units last year.
Upon completion, COSCO will become the third-largest shareholder of Shanghai International Port, bringing together two maritime transportation giants.
The deal follows a partnership that COSCO secured with the Shanghai municipal government on Friday to promote cooperation among shipping and port industries to increase Shanghai’s standing as an international shipping hub.
A COSCO employee told Caixin that the deal will improve the company’s port-operation capabilities. It will also expand its portfolio in upstream and downstream sectors, including shipbuilding, shipping, port operations, and logistics, according to COSCO’s website.
In addition to Shanghai International Port, COSCO’s acquired a 51% stake in Noatrum Port Holdings SLU in Spain for $227 million.
Cocso began buying European ports as early as 2004, when it took 20% ownership of the Antwerp Gateway in Belgium, and accelerated the pace of its purchases after the debt crisis broke out in 2009 that put some ports under financial difficulties. COSCO’s European port assets include Piraeus Terminal in Greece, Euromax Terminal in the Netherlands, and the Port of Zeebrugge in Belgium.
COSCO is not alone in the trend of closer ties between shippers and ports. France’s container ship giant CMA CGM SA in April partnered with Indian infrastructure developer Adani Ports for a new port in that Asian country, while America’s APL manages eight ports in the U.S., and in East and Southeast Asia, according to its website.
Contact reporter Coco Feng (email@example.com)
Mar 27 18:54
Mar 27 18:41
Mar 27 10:56
Mar 26 16:01
Mar 26 14:54
Mar 25 22:17
Mar 25 17:57
Mar 25 15:12
Mar 25 12:53
Mar 25 10:26
Mar 24 16:52
- 1Despite Official Figures, Wuhan Continues to Find New Asymptomatic Covid-19 Cases Daily
- 2In Depth: Why South Korea Is Winning Its Covid-19 Fight
- 3Wuhan Reports First New Covid-19 Case in Five Days
- 4China Meat Markets Offer Preview for Rest of World, Cargill Says
- 5Coronavirus Live Updates (Thursday): G-20 Commits to $5 Trillion Injection; U.S. Jobless Claims Hit Record; Global Caseload Tops 500,000
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas