Cosco buys into SIPG and two Spanish box ports

Cosco buys into SIPG and two Spanish box ports

Cosco Shipping bolstered its ports footprint yesterday, moving to take a 15% stake in Shanghai International Port Group (SIPG) as well as buying out Noatum, a Spanish port operator.

Cosco is paying Shanghai Tongsheng Investment $2.78bn for its SIPG buy-in, making it the third largest shareholder in the giant port group.

Meanwhile, it has agreed to pay $228m to take a 51% stake in Noatum Port Holdings, which operates box terminals in Valencia and Bilbao. Cosco may come in for the remaining 49% stake at a later date.

Cosco is building up a notable southern European port network, having agreed to take a majority stake in Greece’s Piraeus port last year.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts