Leaders from Qingdao Port Group met with APM Terminals executives in The Hague this week to sign a Memorandum of Understanding (MOU) for the APM Terminals Vado, Italy port project.
Terms and investment amount were not disclosed. The MOU will create a new joint venture to invest in and work with other potential partners.
APM Terminals Vado is a new terminal in northern Italy, which, when opened in January 2018, will handle both containerized and liquid bulk cargoes – and integrated operationally with the existing 275,000 annual TEU capacity Vado Reefer Terminal facility, which was acquired by APM Terminals in August 2015.
The Italian government is providing EUR 300 million for civil works for the project. APM Terminals is investing EUR 150 million in the new terminal which will create 450 new jobs when operations start.
In 2014, the ports of northern Italy’s Liguria range, including La Spezia, Genoa and Savona/Vado, handled a combined 3.5 million TEUs, representing an increase of approximately 6% compared with the previous year.
When fully operational, the Vado facility will be the only port in Italy able to handle Ultra-Large Container Ships (ULCS) of over 18,000 TEU capacity.