CMA CGM to acquire share of Cosco's Valencia terminal unit
FRENCH shipping giant CMA CGM revealed its plans to enhance its container terminal presence in Europe and the Mediterranean through an investment in the Spanish division of Cosco Shipping Ports, reports New York's Journal of Commerce.
Under this agreement, the Marseille-based shipping company will obtain an indirect ownership share of 49 per cent in CSP's Valencia terminal, and a 38 per cent stake in the Bilbao terminal located in northern Spain, serving North Europe.
"Complementing CMA CGM's terminals in TTIA Algeciras and in Sevilla, CSP Bilbao, and Valencia will allow CMA CGM to support its end-to-end shipping and logistics inland solutions," said CMA CGM.
CSP Valencia is one of Spain's largest container terminals, with a capacity of 3.5 million TEU, while CSP Bilbao has a capacity of 950,000 TEU.
source:SchedNet
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