Hong Kong-listed terminal operator Cosco Shipping Ports (CSP) has struck a deal with the Belgian Port of Zeebrugge to extend the current concession for the CSP Zeebrugge terminal by 15 years.
Under the terms of the agreement, the terminal will be leased to Cosco’s port operations arm until 2055. The extension of the concession period, according to Tom Hautekiet, CEO of the Port of Zeebrugge, opens up new potential for the port in the near and distant future. The port improves the network in northwest Europe for Cosco Shipping Lines and OOCL, as well as the Ocean Alliance, which includes CMA CGM, Cosco, and Evergreen.
CSP Zeebrugge terminal, in which Cosco Shipping Ports holds an 85.45% stake, is its first subsidiary in northwest Europe. As of September 30, 2021, CSP operated and managed 370 berths at 37 ports worldwide, of which 223 were for containers, with a combined annual handling capacity of 124 m teu.
Zhang Dayu, managing director of Cosco Shipping Ports, stated: “CSP Zeebrugge terminal has strong momentum of growth in recent years. In 2021, the terminal enjoyed a 53% increase in volume to approximately 930k teu, which would not have been possible without the excellent cooperation between the Port of Zeebrugge and Cosco Shipping Ports. As the first holding terminal in northwest Europe, CSP Zeebrugge terminal is and will always be the top priority in Cosco Shipping Ports strategy.”