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THE HAGUE: September 11, 2017. APM Terminals, part of the A.P. Moller - Maersk Group, is to sell its 76 percent ownership of Belgium's second largest container port at Zeebrugge to COSCO Shipping Ports (CSP) for €35 million.

Zeebrugge APM TerminalsThe transaction is expected to close in November 2017 and make the Hong Kong-based port operator the sole owner of the one million TEU-capacity facility.

APM Terminals opened Zeebrugge in October 2006 and then sold a 24 percent share to COSCO – one of its major customers. "Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long term core assets," commented Wim Lagaay, head of APM Terminals USA and Europe.

"We believe COSCO Shipping Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community," he added.

CSP is a co-shareholder and strategic partner in several operations with APM Terminals including the Suez Canal container terminal in Egypt, and the Qingdao Qianwan and Guangzhou South China Oceangate terminals in China.

In October 2016 the subsidiary of China's COSCO Shipping Corporation acquired a 40 percent share in the APM Terminals Vado terminal project under construction in Vado, Italy.

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