skip to Main Content
Noatum’s Valencia Port Unit Financial Performance To Keep Improving

Noatum’s Valencia port unit financial performance to keep improving

Source: PortSEurope
Valencia, Spain (PortSEurope) September 18, 2018 – Tension and labour conflicts that the Spanish ports experienced in the first half of last year have not affected the two large container terminals in Valencia. The subsidiaries of Noatum and MSC that operate the facilities have boosted their business and, above all, their profitability in 2017. Noatum Container Terminal Valencia, the company that operates the largest terminal in the port,
more than doubled its operating profit to €16 million ($18.7 million). For its part, MSC Terminal Valencia, the subsidiary of the Swiss shipping company MSC that is the first client for port traffic, achieved an operating result of just over €20 million ($23.3 million), 21% more than in the previous year. The strong growth of both was marked by the increase in revenues. In the case of Noatum, its terminal recorded 22% more, up to €167 million ($195 million), after increasing 12.6% the containers handled. The terminal, controlled by the Chinese Cosco, moved 1.64 million units last year, about a third of the total of Autoridad Portuaria de Valencia (APV – Valenciaport, Port Authority of Valencia). The increase in traffic from the terminal was much higher than that of the port as a whole, which ended 2017 with a 2.1% increase in containers. The effect of the entry of Cosco as the new owner and its decision to transfer traffic to Valencia has been partly responsible for this evolution. The accounts did not reflect another milestone that will have a positive effect: the authorisation to extend the current concession approved this year. With the entry of Cosco, the Valencian terminal refinanced its debt and signed a new syndicate loan for up to €275.5 million ($321.7 million), replacing the previous one of €225 million ($262.7 million). The new financing included a section of €15.89 million ($18.6 million) to finance the works planned to extend the concession in ten years until 2041, which was not available due to the failure to complete the process in 2017. Noatum Container Terminal Valencia is part of Noatum Ports, in turn, part of Cosco Shipping Ports Ltd. Noatum Container Terminal Valencia is the main gateway for the Iberian Peninsula and the natural port of Madrid. Source: Expansión (Print Edition) Copyright (C) PortSEurope. All Rights Reserved. 2018.

To continue reading please subscribe or log in.

PortSEurope offers an English-language daily coverage from over 200 ports in the Mediterranean, Black and Caspian Seas as well as a fully indexed and easily searchable database with more than 15,000 articles.

Subscribe now
Back To Top