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Spain: China’s Cosco takes over Spanish port industry

By  |  September 4, 2017
Spain: China’s Cosco takes over Spanish port industry

Spanish competition regulator CNMC has authorized a move by Chinese company Cosco Shipping, which will allow the international shipping giant to take control of Noatum, the leading operator of port terminals in Spain, buying 51% of its capital.

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    The Chinese conglomerate thus will become the main operator of port terminals in Spain. In fact, it has framed the operation as part of its strategy for international expansion and its intentions to extend its activity towards Mediterranean ports. Cosco already operates in 31 ports along the Chinese coast, Southeast Asia, Europe, the Mediterranean and the Black Sea. The group also a major shipping company, with a fleet of container ships equivalent to 8% of total world capacity.

    Noatum will become a subsidiary of Cosco, although its current shareholders will remain in play with 49% of capital. Noatum is the leading operator of maritime terminals in Spain, with major operations in Valencia (one of the top three container ports in the Mediterranean), Bilbao and Las Palmas.

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