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Editor in chief: Angelo Scorza
29/04/19 10:52

Eurokai unveils the price paid by MSC for Gioia Tauro

Despite the enduring hindrances in their transhipment terminals, Contship Italia 2018 year-end figures recorded 38 million euro profit

Thomas Ekcelmann

Although nobody knows in-depth details of the deal, nor the negotiated payment terms, Eurokai's 2018 financial statement shows that Contship Italia sold MSC Group their 50% shares in Medcenter Container Terminal of Gioia Tauro for a sum ranging from 25 to 30 million Euro.

The German company controlled by the Eckelmann family will see financial results in 2Q 2019, considering the deal's closing was set by late April.

Regarding the loss in volumes recorded in the port in 2018, Eurokai pinpoints it ensued from  MSC regular services' changes, while financial results were particularly affected by legal expenses related to the ongoing dispute and to the transfer of 377 employees state-owned company.

Contship Italia 2018 year-end figures also dropped in Sardinia: Cagliari International Container Terminal (92%) went down to 49.2% and this trend will continue decreasing after the upcoming disruption of the only ocean liner service (Hapag Lloyd).

Still according to Eurokai financial statement CICT results were also hurt by assets, equipment and installations depreciation which reached 5.1 million Euro.

Overall volumes handled by Contship Italia's terminals last year recorded 4,356,000 TEU, namely minus 6%, particularly due to the disappointing performance in transshipment ports, while financial results are still positive.

Eurokai subsidiary's 2018 sales reached 334.4 million Euro (versus former 329.8 millions) while EBITDA reached 38 million Euro (versus 37.9).

Besides Gioia Tauro and Cagliari, the group helmed by Cecilia Eckelmann Battistello also operates in  Ravenna, La Spezia and Salerno.