Freight Transport

APM enters into a new JV with Vinalines in Vietnam, and issues a statement on the talks with Virginia International Terminals

APM has entered into a new joint venture agreement with Vietnam National Shipping Lines to develop Vietnamese ports

APM and Vinalines already have a successful partnership in Cai Mep International Container Terminals (CMIT) in Southern Vietnam, building a 11 million TEU port near Ho Chi Minh City that is scheduled to open in Q4 2010

The Virginia Port Authority / Virginia International Terminals (VIT) and APM Terminals have been in discussions since December 2008 under a Federal Maritime Commission Discussion Agreement

The parties seek to optimise operations and use the world-class assets and capabilities available in Virginia to address the current commercial environment at the port, as well as the growth and capacity that will be required in the future

To date, discussions have focused on the optimisation of assets and on ensuring the long-term success of the port, as well as its ability to support customer consolidations and reductions in volume

These talks have included a number of potential options such as volume consolidations, lease arrangements, operating agreements, and other potential opportunities, have been positive

The negotiations are ongoing and no agreement has yet been reached

The discussions are not governed by the state's Public-Private Transportation Act, and are not part of the overall PPTA process or the bid review currently underway