Grup TCB sells stake in Valencia port terminal
Date
April 09, 2014
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Mitsubishi Corporation (MC) and Kamigumi Co., Ltd (KG) have jointly acquired a 25% share in TCV Stevedoring Company S.A., a SPV that operates a container terminal in Valencia (Spain), from Spanish global container terminal operator, Grup Maritim TCB. The move allows Mitsubishi Corporation to enter the container terminal business in Spain.The remaining 75% of the Spanish terminal remain in the hands of Grup Maritim TCB. The amount of the transaction has not been disclosed.Grup Maritim TCB, which already operates container terminals in Latin America and the Mediterranean, said that the strategic alliance with Mitsubishi Corporation will help it expand its activities into Asia and Africa.
Mitsubishi Corporation said that container handling volumes worldwide almost triple the 3.5% growth rate of world GDP over the past two decades. The Port of Valencia moved a container volume of 4.5 million TEU in 2012.
This strategic partnership with Grup Maritim TCB marks Mitsubishi Corporation's first full-scale entry into the container terminal business.Mitsubishi Corporation said the acquisition also responds to the Japanese government's strategy to promote the export of infrastructure-related industries and systems. Mitsubishi Corporation believes this partnership will further develop its infrastructure business globally, including the operation of container terminals, particularly in emerging countries in Asia, Africa and Latin America.Serving as the main port for Spain's hinterland and principal economic corridor, including the inland capital, Madrid, Valencia covers a population of approximately 13 million. The Port of Valencia also functions as a transshipment hub for neighboring countries in the Mediterranean and northwestern Europe, making it the largest container port in the Mediterranean. In addition, more than a half of Valencia's average annual growth in container volumes (13% over the past two decades) can be accredited to cargo traffic between Valencia and ports in Asia.
