Qingdao Port Group and APM Terminals have announced the signing of a Memorandum of Understanding (MOU) regarding the APM Terminals Vado, Italy port project. Terms and investment amount were not disclosed. According to the announcement, the MOU will create a new joint venture to invest in and work with other potential partners.
APM Terminals Vado is a new terminal in northern Italy, which when opened in January 2018 is expected to handle both containerized and liquid bulk cargoes – and integrate 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 expected to provide €300 million for civil works for the project while APM Terminals plans to invest €150 million in the new terminal which is due to create 450 new jobs when operations commence.
The Port of Qingdao, located in the Shandong Province on the Yellow Sea, is one of northern China’s major ports. APM Terminals is a minority shareholder in the Qingdao Qianwan Container Terminal, investing in 2003.
