THE
success of Cosco Shipping Ports' (CSP) acquisition last month of a 51
per cent stake in Spanish ports group Noatum Port Holdings (NPH) is
effectively in the hands of the Ocean Alliance.
According
to Drewry
Maritime Financial Research (DMFR), the profitability of the new
acquisition hinged "on the performance of NCTV [Naotum Container Terminal
Valencia]," which in turn suggests it would hinge on CSP's ability to
maximise its cargo gain from the Ocean Alliance members, reported UK's
The Loadstar.
The
Chinese port operator, a subsidiary of state-owned Cosco, announced on June 12
it had paid EUR203 million (US$230.26 million) for a controlling stake in NPH,
which other than the two container terminals at Valencia, also includes
facilities at NCTB, the sole container terminal at Bilbao, and two Spanish
container rail terminals.
Cosco
said the acquisition was a "perfect strategic fit", which
would bring into play "the synergies with the container fleets of Cosco
Shipping…and the Ocean Alliance," adding that it would "leverage on
such synergistic advantages to create value for shareholders."
Since
April 1, Cosco has partnered with CMA CGM, OOCL and Evergreen
in the Ocean Alliance.
Drewry
says NCTV is the biggest of the three terminal operators at Valencia and has an
infrastructure that can handle four ultra-large container vessels (ULCVs) simultaneously.
It has an annual throughput capacity of 3.25 million TEU and "should be
comfortable dealing with an alliance's volume."
DMFR
noted CSP was "optimistic" that it could reverse the net loss of the
Spanish ports group. In the last financial year, NPH posted an operating profit
of EUR2.6 million but sank into the red after an interest payment on its debt
of EUR17.6 million.
However,
NPH's remaining 49 per cent shareholder is Turia Port Investments - which has
converted the outstanding loans to equity following the sale - and this will
put the company on a better financial footing, added DMFR.
Source
: HKSG.
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