Since 2014 Cosco has held a 24% interest in the container terminal.
The remaining 25% of shares in the terminal are held by the Shanghai International Port Group.
However, APM is to buy back these shares and together with the shares it holds in the terminal, sell them to Cosco Shipping Ports, a subsidiary of Cosco Shipping. This means that the Chinese shipping line will become sole owner of the Zeebrugge terminal.
No change in the way the terminal operates
The press statement reads "The decision to withdraw from the Zeebrugge terminal is part of our strategy to focus on our core activities in the long term”.
"We are convinced that Cosco is the best long-term owner for this site and we are convinced that it will provide growth for the customers, the employees and the stakeholders at the port".
APM Terminals says that there will be no changes in the way that the terminal opperates. There is no word as to the amount the Chinese shipping line has paid. It will probably take several months both the transaction has been completed.