China Shipping Terminal Development will make its first terminal investment in Europe after agreeing to buy a 24 per cent stake in APM Terminals Zeebrugge in Belgium.
The move came six months after the firm, which is wholly owned by China Shipping Container Lines, expressed interest in taking a stake in the Zeebrugge facility, one of three terminals at the Belgian port.
The company will acquire its interest from APM Terminals, the ports division of Danish shipping, oil and aviation group AP Moller-Maersk, which owns 75 per cent. Shanghai International Port Group holds the remaining 25 per cent interest in APM Terminals Zeebrugge which it bought for €27.16 million (HK$274 million) in 2010.
Mark Geilenkirchen, managing director of APM Terminals Zeebrugge, declined to say how much China Shipping will pay for its stake, but he hoped it would generate more box traffic through the terminal.
"The reason why we are selling is that we get hold of an Asian carrier," Geilenkirchen said.
