A.P. Moller Capital, the investment management arm of the A.P. Moller Group, announced on October 15 that it has signed an agreement to acquire 100 percent of Singapore-based Portek International from Japan’s Mitsui & Co. The deal gives the Copenhagen-based infrastructure investor interests in seven multipurpose port terminals spanning Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam.
The acquisition will be made through A.P. Moller Capital’s Emerging Markets Infrastructure Fund II, with the purchase price not disclosed. Completion remains subject to customary closing conditions, including regulatory approvals and other third-party consents, the companies said.
Portfolio and Operations
Portek is a cargo port terminal operator and engineering business founded in Singapore in 1988. Its terminal interests span Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam, serving a mix of local and international trade flows. The company’s facilities handle around seven million tonnes of bulk cargo, 700,000 containers and roughly 90,000 vehicles each year, with approximately 1,400 employees across its terminals and headquarters.
Beyond terminal operations, Portek provides port engineering, along with operations and maintenance services, principally from bases in Singapore and Indonesia. Its portfolio includes the Bejaia Mediterranean Terminal in Algeria, Port d’Owendo and the Port of Port-Gentil in Gabon, Terminal 110-113 at Tanjung Priok in Jakarta, the Riga Universal Terminal in Latvia, Valletta Gateway Terminal in Malta, and a stake in the Vietnam International Container Terminal in Ho Chi Minh City.
A Growing Infrastructure Platform
A.P. Moller Capital, which manages approximately $2 billion in assets, has been steadily expanding its port and logistics holdings. The Portek purchase follows the fund’s recent agreement to take a majority stake in Euroports, which operates more than 50 deepsea and inland terminals across ten European countries and China, making it the manager’s third majority acquisition of a port or logistics business since August, alongside a separate agreement for Globex Investissement.
Semih Gokmen, a partner at A.P. Moller Capital, said Portek is a strong fit with the firm’s investment strategy and active owner philosophy, describing it as an established business with a diversified portfolio of port operations serving important trade flows across three continents, supported by experienced local operating teams. Director Kim Thagaard Pedersen called Portek a differentiated ports platform with established positions across its markets.
Vietnam Exposure and Next Steps
The deal gives A.P. Moller Capital exposure to some of the fastest-growing cargo markets, including Vietnam, where Portek is an indirect shareholder in the operator of the Vietnam International Container Terminal, a premier container project in Ho Chi Minh City. The fund manager said it plans to work with Portek’s management and local operating teams after completion on governance, safety, capital discipline and environmental performance, including emissions-reduction planning.
A.P. Moller Capital also acknowledged Mitsui & Co.’s stewardship of Portek as the business developed in recent years. The acquisition complements the fund’s existing transport and logistics investments, including Philippines-based AC Logistics and Spain and Latin America’s Berge Logistics, further broadening its footprint in emerging-market port infrastructure.
Why it matters
The deal underscores accelerating consolidation in global port infrastructure as institutional investors seek stable, long-term returns from terminal assets tied to resilient trade corridors. For A.P. Moller Group, the acquisition deepens diversification beyond container shipping into emerging-market logistics platforms spanning Africa, Europe and Southeast Asia. The transaction also signals continued Japanese divestment from overseas port assets, with Mitsui exiting a business it has developed for decades, while giving Portek’s seven terminals access to a larger, better-capitalized owner positioned to invest in capacity and environmental upgrades.
Source: The Maritime Executive
