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TAIWAN's Evergreen Marine says it's buying out various stakes held by its subsidiaries in Panama's Colon Container Terminal (CCT) in a move to consolidate ownership of a transshipment hub for its US East Coast and East Coast South America services.
The carrier said in a regulatory filing with the Taiwan Stock Exchange that it is acquiring all of the shares of CCT that are now held by three subsidiary companies for a total of US$268 million.
While essentially an accounting move, the acquisition gives Evergreen a direct role in the terminal's management, instead of those decisions having to go through three separate boards, reports IHS Media.
Since opening CCT in 1997, Evergreen, through its subsidiaries, invested in three expansions of the terminal that allowed it to handle post-Panamax ships following the expansion of the Panama Canal.
Following COVID-19 lockdowns, CCT saw its container volumes go from 573,193 TEU in 2020 to 1.05 million TEU in 2021, according to the Panama Maritime Authority. About 83 per cent of last year's volume was from transshipments, the authority added.
Three post-Panamax services from Asia offered by the Ocean Alliance, of which Evergreen Marine is a part, call CCT. Its north-south services include Maersk's Central America service into the US East Coast.
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