On 26 January, CMA CGM announced in its press release that COSCO Shipping Ports signed a memorandum of understanding with CMA Terminals Holding, the CMA CGM port subsidiary, to reinforce the strategic cooperation and create more opportunities in global port operations and investments.
The both parties agree to cooperate in ports worldwide with the focus on ports of call of the Ocean Alliance. The cooperation also implies support in terms of business and service to the ports that the other side has already invested.
The press release highlights that since the establishment of the Ocean Alliance, the cooperation between COSCO Shipping Ports and CMA Terminals Holding has become closer. The Ocean Alliance will commence its operations on 1 April 2017 and together with the two other members – Taiwan’s Evergreen and Hong Kong’s OOCL – will deploy around 350 container vessels with an estimated total carrying capacity of 3.5 mln TEU to provide one of the most comprehensive service coverage in the market.
COSCO Shipping Ports is a subsidiary of COSCO Shipping Group, one of the largest integrated shipping enterprises in the world. Based in China, COSCO Shipping Ports has a network of terminals in more than 30 ports worldwide, with the major part concentrated in China, where it operates terminals in every major commercial shipping region of the country. Besides, the company has 9 terminals overseas: in Greece (Piraeus), Egypt (Port Said), Turkey (Istanbul), Belgium (Zeebrugge, Antwerp), Singapore, South Korea (Busan), the Netherlands (Rotterdam) and the United States (Seattle). In 2016, COSCO Shipping Ports handled over 95 mln TEU at its domestic and overseas terminals (+5.1% to 2015).
Earlier this year, it was announced that China Development Bank would provide COSCO Shipping Ports with the financial support amounting to USD 26 bln over the next five years within the One Belt One Road initiative, which is known for its major projects to be implemented outside China.
CMA CGM has two port operators: Terminal Link and CMA Terminals Holding, the latter was created in 2012 and owns 13 terminals worldwide.
