COSCO gets 40% of Italy鈥檚 Vado
Print Edition
CHINA’S COSCO Shipping Ports Ltd yesterday said its subsidiary has acquired 40 percent of Italy’s Vado Holding from Maersk Group’s APM Terminal for 53 million euros (US$58.3 million).
Vado operates the Vado Reefer Terminal in northwest Italy, one of the largest reefer terminals in the Mediterranean, with an annual handling capacity of 300,000 TEUs (twenty-foot equivalent units) in addition to 600,000 pallets.
COSCO said it hopes to complete a new container terminal in 2018 at Vado with an initial annual capacity of 600,000 TEUs, and will raise it to 900,000 TEUs later.
The company said the acquisition of Vado terminal is in line with its strategy of developing overseas shipping hubs and strengthening its global network of container terminals.
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