Cosco buys into Euromax terminal in Rotterdam

Cosco Pacific (HKG:1199), a subsidiary of Chinese state giant Cosco Shipping, has agreed to buy a 35% stake in container terminal Euromax in the Port of Rotterdam from Chinese port operator Hutchison Port Holdings (HPH).

Cosco Pacific is paying EUR 41.43 million (USD 47.3m) for the acquisition of the shares, plus EUR 84 million for 35% of a loan owed by Euromax to ECT Participations, a subsidiary of HPH, the parent shipping company said on Wednesday.

The investment will help the Chinese container-terminal operator expand its European presence. Cosco Pacific believes that the Port of Rotterdam will continue to be Europe’s main hub.

Euromax is an automated container terminal, which started operating in mid-2010. In 2015, the terminal handled 2.3 million sea containers. Its capacity is currently being expanded.

(EUR 1.0 = USD 1.141)

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