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A.P. Moller-Maersk and China Shipping sign cooperation agreement

A.P. Moller-Maersk and China Shipping sign cooperation agreement

Executives from A.P. Moller – Maersk Group and China Shipping (Group) signed a cooperation agreement today (2nd April) in the presence of the Chinese President Xi Jinping and the Prime Minister of Belgium, Elio Di Rupo, in the Royal Palace in Belgium.

The memorandum of understanding (MoU) expands discussions on new container terminal projects to potentially collaborate as joint venture partners.  China Shipping (Group) operates China Shipping Terminal and China Container Shipping Lines and is seeking to expand its European port network.

In March 2013, China Shipping Terminal signed an MOU with APM Terminals Zeebrugge for a 24% stake in the deep water, high productivity terminal.  APM Terminals Zeebrugge remains the majority shareholder and operator of the terminal with a 51% share, while Shanghai International Port Group (SIPG) holds the remaining 25%.