COsco and Switzerland's Mediterranean Shipping Co (MSC) have agreed to set up a joint management company to operate a new container terminal in Naples. Each company will hold 46.25 per cent of the new joint venture, with the remainder held by the locally based Fremura Group
Naples new terminal, which is being constructed at a cost of US$250m, is expected to handle general cargoes as well as containers. Cosco presently calls at Naples on just two services, while MSC uses the port as a tran shipment centre and for cargoes to and from northern Europe.
MSC is known to be concerned about the capabilities of La Spezia in handling its latest 6,750 teu vessels deployed on its service between China and Europe, because of draught restrictions. For Cosco, setting up its hub and transhipment centre in Naples would mean it being able to handle transhipment cargo to and from all areas of the Mediterranean and southern and eastern Europe.