Cosco Pacific and China Merchants complete acquisition of Turkish container terminal
China Merchants Group has announced that together with Cosco Group it has signed a share transfer agreement with shareholders of Kumport in Turkey.
Under the agreements, the joint venture established by the two groups will acquire about 65.8% equity shares in Kumport for about for $939m.
Cosco Pacific, China Merchants Holdings International and CIC Captial jointly set up a joint venture in September for the acquisition of the equity.
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. splash247.com/cos...
Chinese companies set eyes on Turkey’s third largest port
Two Chinese port companies, China Merchants and China Ocean Shipping Company (COSCO), and the country’s largest state fund, China Investment Corp. (CIC), have signaled their intent to buy Turkey’s largest private port, Kumport, according to sources familiar with the issue.
The majority stakes in the port, which was privatized in 2007, is owned by Fiba Holding, and the remaining 35 percent is owned by the Oman State Fund, which has the option to buy all the stakes.
Chinese and Turkish parties are now waiting for approval from the Omani company, according to sources.
The Chinese consortium is reportedly ready to pay $1.5 billion, sources added.
COSCO owns a minority stake in Greece’s Piraeus Port. The company, which has over 800 ships, conducts operations to around 1,600 ports in 160 countries, according to sources. COSCO is also known as the fifth largest company in China.
The China Merchants Group, based in Hong Kong, has around $131 billion worth of assets, while CIC manages assets worth around $750 billion.
Kumport, located on the European side of Istanbul, succeeded in growing container shipping volume by 23 percent between 2007 and 2013, according to the company’s website. Handling 16 percent of the country’s total container shipping volume in 2013, the port has become the third largest port in Turkey with around 1.3 million TEU in volume.
Source: Hurriyet Daily News
Costa Drops Turkey Calls, Other Lines Expected to Follow
Costa Cruises has cancelled its remaining 2015 calls in Turkey due to security concerns.Calls in Turkey and Izmir and being replaced by destinations in Greece and Italy. A number of other cruise lines still have calls booked into Turkey for the remaining part of the year, and are expected to follow suit.
Turkey shuts Bosphorus strait to shipping after vessel collides with villa
A cargo ship ran aground and smashed into a villa on Turkey’s Bosphorus Strait on TuesdayJuly 21, 2015, forcing maritime authorities to close the key waterway to transit traffic, shipping agency GAC said. The 105 metre Sierra Leone-flagged Majed & Randy had no pilot on board when it suffered a rudder malfunction before hitting the villa, located on the Asian side of the waterway near Istanbul’s Fatih Sultan Mehmet Bridge, GAC said. No one was hurt in the incident, which occurred at 12:48 p.m. (0948 GMT), it said. The narrow, winding Bosphorus bisects Europe’s largest city between its Asian and European sides and serves as the only maritime outlet for Russian oil and other commodities from the Black Sea. An estimated 10,000 tankers carry 150 million tonnes of petroleum products through the strait each year. The Coast Guard deployed tugboats and a pilot to assist the Majed & Randy, which remained anchored in the area of the collision, GAC said. It was not immediately clear when the Bosphorus would re-open to transit traffic.
According to the Turkish State Meteorogical Service, strong N–NE winds are expected today (28 May) which could lead to the closure of the Turkish Straits and berthing cancellations at Turkish ports, GAC reports.