Mitsubishi Corporation Enters Container Terminal Business in Valencia, Spain
October 23, 2014     Japanese 
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Mitsubishi Corporation Enters Container Terminal Business in Valencia, Spain - JCN Newswire
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Mitsubishi Corporation Enters Container Terminal Business in Valencia, Spain

Tokyo, Apr 7, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) and Kamigumi Co., Ltd (KG) have jointly acquired a 25% share in TCV Stevedoring Company S.A. (TCV)(1) from Spanish global container terminal operator, Grup Maritim TCB, S.L. (GMTCB)(2). The move allows MC to enter the container terminal business in Spain.

Container transportation has seen remarkable growth over the past two decades, reflecting the growth of the global economy and increases in international trade. However, at an average annual growth rate of 9.5 percent, container handling volumes worldwide almost triple the 3.5 percent growth rate of world GDP over the same period.

The volume of containers handled by the Port of Valencia (4.5 million TEU in 2012) (3) is similar to the scale of operations handled by the Port of Tokyo, a major shipping terminal in Asia. 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 percent over the past two decades) can be accredited to cargo traffic between Valencia and ports in Asia, where countries are registering remarkable rates of growth. The Port of Valencia is therefore expected to see continued growth in the coming years.

This strategic partnership with GMTCB marks MC's first full-scale entry into the promising container terminal business. The project also responds to the Japanese government's strategy to promote the export of infrastructure-related industries and systems. In this context, partnership with GMTCB on these kinds of projects will enable MC to further develop its infrastructure business globally, including the operation of container terminals, particularly in emerging countries in Asia, Africa and Latin America.

Notes:
(1) TCV Stevedoring Company S.A.:A subsidiary of Grup Maritim TCB S.L. that operates a container terminal in Valencia. Headquartered in Valencia, Spain.
(2) Grup Maritim TCB, S.L.:A global container terminal operator which operates container terminals in Europe and Latin America. Headquartered in Barcelona, Spain.
(3) TEU: Twenty-foot equivalent unit, the unit of measurement for cargo volume.

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.

Contact:

Mitsubishi Corporation
Telephone:+81 3 3210 2171 
Facsimile:+81 3 5252 7705


 


Apr 7, 2014
Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Merger & Acquisition
View more news from these Sectors: Shipping & Transportation


 
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