APM Terminals and Shanghai International Port Group (SIPG) have finalized an agreement for SIPG to acquire a 25% share of APM Terminals Zeebrugge for EUR 27.16 million (USD $33.7 million) in a ceremony in Shanghai on Friday, May 28 presided over by the Shanghai Vice Mayor, Mr. Shen Jun.
“Today marks a milestone in the relationship between the Shanghai International Port Group and APM Terminals as we celebrate that we have taken our relationship and mutual commitment to a new phase” stated APM Terminals CEO for the Asia-Pacific Region, Martin Gaard Christiansen in his remarks at the signing.
APM Terminals and SIPG are currently co-investors in the four million TEU annual capacity Shanghai East Container Terminal (SECT) in the Port of Shanghai. The SECT joint venture, in which APM Terminals holds a 49% share, was signed in 2003. The Port of Shanghai is forecast to overtake Singapore as the world’s busiest container port within the next few years.
APM Terminals Zeebrugge, which opened in 2006 with an annual capacity of 850,000 TEUs, will remain under the operational control of APM Terminals, which retains a 75% majority share. The terminal is a multi-user facility located in the Belgian seaport city of Bruges. Terminal throughput in 2009 was 700,000 TEU.