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Cosco's stake in Italian terminal to secure contracts for APM Terminals

Originally, China's Cosco was not meant to have a big owner's share of APM Terminals' new, large container terminal in Italy. But without the deal, it was not certain that the company would have become a customer, says the latter's CEO Morten Engelstoft, who expects more similar deals.

APM Terminals CEO, Morten Engelstoft, (number two from the right in the front row) helped inaugurate the Vado Lugire terminal in Italy. Photo: PR-FOTO

A new collaboration on a major Italian terminal with Chinese competitor Cosco is to send more business from the company into the arms of Maersk's port division, APM Terminals.

A month ago, APM Terminals opened container terminal Vado Ligure in Italy. The Maersk company owns 50.1 percent of the terminal, while Cosco has received an owner's share of 40 percent and Qingdao Port International owns 9.9 percent.

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