CMA CGM Buys Stake in CSP Zeebrugge Terminal
French container carrier CMA CGM announced Friday it has acquired from CHINA SHIPPING Ports Development Co. Limited, a wholly-owned subsidiary of COSCO Group, a 10 percent equity interest in CSP Zeebrugge Terminal NV, through its wholly-owned subsidiary CMA Terminals. CMA CGM is currently the major client of the Belgian container terminal and accounted for one third of CSP Zeebrugge's total throughput in 2017. COSCO SHIPPING Ports completed the acquisition of the remaining 76 percent equity interest in CSP Zeebrugge terminal in November 2017 and made it a wholly-owned subsidiary.
Lock gate in the Port of Zeebrugge disconnected for renovation
On March 30, in the Port of Zeebrugge, a complete lock gate is disconnected, lifted out of the water and transported to the inner harbour. It is a rare piece of craftmanship, as the lock gate weighs more than 2,300 tons and has the dimensions of a quarter of a soccer field (66 m x 11 m x 25 m). The spectacular operation is part of the large-scale renovation of the “Pierre Vandamme” lock, the crucial access to the inner port of Zeebrugge. "We are investing 120 million euros in the “Pierre Vandamme” lock, because we are resolutely opting for growth in Zeebrugge", according to Flemish Minister for Mobility and Public Works Ben Weyts, the company said in its press release. There are two possibilities for vessels to reach the inner harbor of Zeebrugge: via the ‘Visart’ lock and via the ‘Pierre Vandamme’ lock. The ‘Visart’ lock (° 1907) is outdated and no longer meets the needs of today's shipping industry. Therefore, the Flemish Government foresees an investment of 1 billion euros in a new ‘Visart’ lock. The ‘Pierre Vandamme’ lock (° 1984) is very frequently used today, but needs thorough renovation. Flanders is investing about 120 million euros in a phased renovation, which must be completed by the summer of 2023.
COSCO SHIPPING Ports obtains Zeebrugge controlling stake
COSCO SHIPPING Ports, formerly known as COSCO Pacific, has finalised a deal to obtain a controlling share in container terminal APM Terminals (APMT) Zeebrugge. With all terms having been met for the $42m acquisition, which was signed on September 11, the subsidiary of China COSCO Holdings Company, which is owned by the Chinese state-owned COSCO Group, now has the controlling stake of the one million teu-capacity terminal in Belgium. COSCO initially bought a 24% share in the terminal in 2014. http://www.portstrategy.com/news101/world/europe/cosco-shipping-ports-obtains-zeebrugge-controlling-stakeUpload News