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Italy Suspends Process For Termination Of Contship’s Gioia Tauro Port Concession

Italy suspends process for termination of Contship’s Gioia Tauro port concession

Italy Suspends Process For Termination Of Contship’s Gioia Tauro Port Concession

Gioia Tauro, Italy (PortSEurope) March 14, 2019 – Italy’s Ministry of Infrastructure & Transport (MIT) has received a list of commitments by Gioia Tauro port’s container terminal operator Contship and has decided to suspend the process of the termination of the concession.

“We received the precise commitments that we awaited from Contship. The company has started the necessary steps for the negotiation of the sale to the Gianluigi Aponte group of the 50% stake in CSM Italia Gate SpA, the company which in turn controls 100% of Medcenter Container Terminal (MCT),” minister Danilo Toninelli said.

“We have therefore decided to suspend the forfeiture of the concession agreement for 30 days only in the face of three specific actions undertaken by Contship: the initiation of the dialogue with the counterparty for the sale; the appointment of a law firm and a financial adviser for asset valuation; the convening of a board of directors meeting early next week to give full negotiating powers to a board member,” he added.

Source: Messaggero Marittimo

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