Cosco Shipping Ports, the port operating unit of China Cosco Shipping, has signed with Port of Zeebrugge of Belgium for the concession terms of CSP Zeebrugge Terminal.
The signing follows APM Terminals agreement to sell a 76% majority shareholding in the APM Terminals Zeebrugge container terminal to Cosco Shipping Ports in September 2017. The sale gave Cosco Shipping Ports 100% ownership of the terminal.
Additionally, Cosco Shipping Ports signed an MOU with CMA CGM, under which the French carrier will invest 10% in the cost of the terminal to secure its container shipping rights. Both Cosco and CMA CGM are in the same liner grouping, the Ocean Alliance.
“We plan not only to develop CSP Zeebrugge into a maritime crossroads but also an ultra-logistics platform to serve continental Europe and the British Isles. With the cooperation of CMA CGM, we are confident that we not only can deliver high-quality services but also capture the economic opportunities emerging around the Port of Zeebrugge,” said Qu Xing, ambassador of China to Belgium.
Following the merger with China Shipping Group, China Cosco Shipping Corporation has been looking to expand its port operating presence in Europe in a response to China’s One Belt One Road initiative. The group also owns a majority stake in Greece’s Piraeus Port as well as terminals in Rotterdam, Valencia and Bilbao.