Cosco Pacific and China Merchants set up jv for container terminal in Turkey

Cosco Pacific and China Merchants set up jv for container terminal in Turkey

Cosco Pacific has announced that a wholly-owned subsidiary of the company has established a joint venture with subsidiaries of China Merchants Holdings International (CMHI) and CIC Capital Corporation for the acquisition of equity in Fina Liman and Kumport in Turkey.

Cosco Pacific, CMHI, CIC Captial will hold 40%, 40% and 20% equity in the joint venture respectively, and has reached agreement with Fina Liman for the purchase of 64.52% equity shares in Fina Liman for $919.8m.

Fina Liman is an investment holding company whose only asset is its investment in Kumport, which is principally engaged in the ownership and operation of Kumport Terminal, a container terminal in the Ambarli Port Complex on the northwest coast of the Marmara Sea.

Cosco Pacific said the board believes that Kumport Terminal, which is the third largest container terminal in Turkey, has good development prospects given the potential business synergy between Kumport Terminal and the company’s existing investment in Piraeus Container Terminal in Greece.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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