Qingdao Port International Development has agreed to purchase a 33% stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59m.
The terminal is CSP’s first international greenfield subsidiaryand offers a design capacity of 2.5m teu with 1,200 m of quay.
The water depth of the terminal is 16.5 m, allowing it to accommodate mega-vessels typically carrying in excess of 20,000 teu.
At the time of the announcement, 90% of the equity is owned by COSCO and the remaining 10% is owned by an independent third party, meaning that Qingdao’s share will be around 30% upon completion of the deal.
In a statement, Qingdao Port noted: “The acquisition of shares is an important step for the company to actively integrate into the Belt and Road Initiative (BRI) development, further implement the internationalisation strategy and further deepen strategic cooperation with COSCO Shipping Ports.
“After the completion of the share transfer, with the company’s rich experience in port operation and management and talent reserve, the operation efficiency of Abu Dhabi Terminal and its business competitiveness in the Middle East will be further improved, which can provide shipping companies with more efficient and high-quality port services.”