Fesco, Russia's largest ocean container shipping line, announced it has signed an agreement to acquire the operator of the Port of Vladivostok, its home hub, in a $180-million deal that will give it a Pacific gateway.
Fesco will acquire 100 percent of M-Port Ltd, the owner of 95.2-percent of the shares of the port in two stages, funded from the $206 million it raised in a share issue in July.
The Vladivostok-based carrier will first buy a 50-percent stake in M-Port from MMP, a metals company, for $90 million. It has agreed to acquire the remaining 50-percent stake within three years with the price linked to the port's financial performance.
The deal will give Fesco container facilities at Russia's three major gateways -- the Baltic, Black Sea and Pacific ? as it pursues a strategy to provide integrated logistics and container operations.
Fesco said it plans to build new terminals at the port, and integrate the port into intermodal operations, focusing on containers and automobile transportation.
The Vladivostok purchase comes just over a month after Fesco acquired DSF, a Dutch container feeder ship line, which serves Belgium, Germany, the Netherlands, Finland, Russia and the Baltic states.
-- Bruce Barnard in London