A.P. Moller – Maersk Group and China Shipping (Group) have signed an agreement that they said paves the way for new discussions on more collaboration and joint ventures.
Executives from the two companies met in the Royal Palace in Belgium for a formal signing ceremony. The president of China, Xi Jinping, attended the signing ceremony as witness with a Chinese trade delegation visiting Belgium, hosted by the prime minister of Belgium, Elio Di Rupo.
China Shipping (Group) operates China Shipping Terminal and China Container Shipping Lines and is seeking to expand its European port network.
The two companies already have a joint venture in the port of Zeebrugge, Belgium. In March 2013, China Shipping Terminal signed a memorandum of understanding with APM Terminals Zeebrugge for a 24 percent stake in the deepwater, high-productivity terminal. APM Terminals Zeebrugge remains the majority shareholder and operator of the terminal, with a 51 percent share; Shanghai International Port Group (SIPG) has 25 percent.