APM Terminals signed MOU with Qingdao Port Group for a new joint venture to invest in and work with other potential partners.
Leaders from Qingdao Port Group met with APM Terminals executives in The Hague to sign a Memorandum of Understanding (MOU) for the APM Terminals Vado, Italy port project. Terms and investment amount were not disclosed.
| APM Terminals Vado is a new terminal in northern Italy, which when opened in January 2018 will handle both containerized and liquid bulk cargoes – and integrated operationally with the existing 275,000 annual TEU capacity Vado Reefer Terminal facility, which was acquired by APM Terminals in August 2015. |
The Italian government is providing EUR 300 million for civil works for the project. APM Terminals is investing EUR 150 million in the new terminal which will create 450 new jobs when operations commence. In 2014, the ports of northern Italys Liguria range, including La Spezia, Genoa and Savona/Vado, handled a combined 3.5 million TEUs, representing an increase of approximately 6% compared with the previous year.
Source & Image Credit : APM Terminals
