Mitsubishi Corporation enters container terminal business in Valencia, Spain
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, the company said in its press release.
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%, container handling volumes worldwide almost triple the 3.5% 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% 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.
