COSCO Shipping Ports has signed an agreement in order to buy 51% of the terminalista group Spanish Noatum



As anticipated thursday from the daily paper on-line Spanish "El Confidencial", shipowning group Chinese COSCO Shipping has signed an agreement with which it enters in the Spanish harbour market. The understanding is signed today by the COSCO Shipping Ports (Spain) Ltd., society of new constitution that integrally is controlled by the COSCO Shipping Ports, the terminalista society of the Chinese group, with the TPIH Iberia and is finalized to acquire 51% of the capital of the terminalista group Spanish Noatum Port Holdings (NPH). The transaction, than second the forecasts will be capacity to term within the end of this year, will have a value of 203,5 million euros.

To conclusion of the remaining operation 49% of the NPH capital will be stopped by the TPIH Iberia, society of property of assisted institutional investors from J.P. Morgan Global Alternatives (67%) and APG Asset Management (33%), than to they time group JPMorgan Chase & Co.) and to the pension fund Dutch Stichting Pensienfonds ABP are under responsibility of the J.P. Morgan Asset Management (. In sight of the operation, the entire share capital of the NPH was transferred to the TPIH from Turia Port Investments (Holdings), society emanation of the JPMorgan group and the Dutch bottom.

COSCO Shipping Ports has remembered that the operating activity of NPH is mainly carried out through the container terminal in the ports of Valencia and Bilbao managed respective from the Noatum branches Container Terminal Valencia (NCTV) and Noatum Container Terminal Bilbao (NCTB) and through the intermodal terminals Conterail Madrid and Noatum Rail Zaragoza Terminal.

The expiration of the contract of concession through which NCTV work the terminal of Valencia is fixed in order on March 7, 2031 and the society has introduced request near the Harbour Authority of the Spanish port of call in order to be extended the duration of the contract on March 7, 2041 until. The agreement which signed from COSCO Shipping Ports and TPIH Iberia previews that if such extension of the contract will not be come to an agreement, or it will be for a short period, the Spanish society will pour an amount less correspondent to the duration of the extension eventually or granted.

COSCO Shipping Ports has remembered that from last April shipowning alliance OCEAN Alliance, that it sees COSCO Shipping beside the companies CMA CGM, Evergreen Line and Orient Overseas Container Linens (OOCL), has begun to moreover transfer to the terminal managed from NCTV in the port of Valencia the ports of call of services of line previously carried out in other Spanish ports and that the alliance has started a centralized service feeder on the terminal of NCTB in the port of Bilbao.