VTE takes control of SECH
Voltri Prà container terminal operator VTE (PSA Sinport) has taken over another Genoa operator, SECH at Calata Sanità in the Sampierdarena part of the port
"PSA will become the majority owner and assume control of SECH with a view to optimising capacity and rationalising services, in order to respond better to the demands of shipping lines and the requirements of logistic service providers engaged in both import and export movements," stated VTE.
Pending approval by the competition authorities, both VTE and SECH will operate as separate entities, with separate management structures, the statement continued.
There is already a relationship between VTE and SECH through previous cross shareholding agreements. Today PSA Singapore controls 60% of PSA Sinport, which owns 100% of VTE and 40% of SEBER, which owns 100% of SECH. SEBER, which is owned in turn by GIP (Infravia and Infracapital with 95% and Giulio Schenone with 5%), owns 60% of SEBER and 40% of PSA Sinport.
It is unclear as yet how precisely this structure will be changed, but it is thought most likely that PSA will take full control of SEBER, although GIP will maintain its existing position at TDT Livorno.
Last year GIP pulled out of the joint venture with MSC to take forward the Cattolo Bettolo project, citing unresolvable differences on the business strategy.
The outlook for SECH is not good. THE Alliance carriers are introducing bigger ships (13,000-14,000 TEU) into their MD1 service, which are too big for SECH and calls will be transferred to Voltri Prà. In addition, Maersk’s ME2 service will depart shortly for APM Terminals in Vado Ligure.
Source: WorldCargo News