The extension of the current concession agreement between COSCO SHIPPING PORTS and the Port Authority of Zeebrugge took effect. The concession period for the CSP Zeebrugge container terminal at the Albert II dock in the outer port will from now on run until 31 December 2055.
This means an extension of 15 years, with the possibility of a longer duration if mutually agreed. This extension should allow CSP to further invest in superstructure and handling equipment. With the hub strategy, activity will increase and additional capacity needs to be provided. The official signing took place today during an online ceremony.
On December 15, 2004, APM Terminals and the Port Authority of Zeebrugge entered into a concession agreement for a period of 36 years. In January 2018, CSP Zeebrugge acquired all of APM Terminals' shares, bringing the same concession agreement into the hands of COSCO SHIPPING PORTS. The current term extension (to 51 years) will be accompanied by closer cooperation between the two parties involved. Currently, the port authority of Zeebrugge is working on an indicative investment plan to transparently communicate the envisaged activities to its concessionaire.
Zhang Dayu, Managing Director COSCO SHIPPING PORTS: "The Zeebrugge terminal has developed strongly in recent years, and the throughput has increased by 53% to about 930,000 TEUs in 2021. This is inseparable from the close cooperation between the two parties. As the first holding terminal in Northwest Europe, the development of Zeebrugge Terminal has always been an important strategic move of COSCO SHIPPING Ports. The signing of the contract to extend the franchise right to 2055 is of great significance to both parties. We hope to continue to strengthen cooperation with the Port Authority of Zeebrugge and continue to develop the terminal in the future. Improve operational capabilities and provide customers with competitive services.”
The central geographical position of the port of Zeebrugge is a major asset for maritime logistics. In addition to the favorable connectivity with other parts of Europe (and the United Kingdom) and the wide range of shortsea destinations, the water depth in Zeebrugge also facilitates the reception of mega ships. With this partnership both parties involved hope to further develop the Zeebrugge port into an indispensable strategic crossroad in the heart of the world.
Tom Hautekiet, CEO Port of Zeebrugge: "The extension of the concession term offers new opportunities for the port of Zeebrugge in the near and distant future. The cooperation with COSCO SHIPPING PORTS has certainly already borne fruit. The strong growth in the share of deepsea container traffic resulted in an increasing interest of other shipping companies and services for the Zeebrugge port system. Together we want to lift the pioneering role of the port of Zeebrugge for international logistics to a higher level and optimize the port infrastructure within the framework of our intended 'clean port strategy'.“
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