COSCO Shipping Ports Limited (CSPL) of China, has agreed with Hamburger Hafen und Logistik AG (HHLA) to acquire a 35% share in HHLA Container Terminal Tollerort (CTT) in the port of Hamburg.
The two companies successfully concluded negotiations about the strategic investment by CSPL in the German terminal on Tuesday, 21 September.
Although the closing of the transaction is subject to various competition and foreign trade approvals, HHLA’s Supervisory Board has already approved the minority interest.
HHLA expects the participation to strengthen the relationship with its Chinese partner, as well as long-term planning security for Container Terminal Tollerort and secured capacity and employment in the Port of Hamburg.
With the minority interest of CSPL, CTT will become a “preferred hub” in Europe, meaning it will be the preferred transshipment point for COSCO, where cargo flows will be concentrated.
“The first Chinese vessel was processed at Tollerort back in 1982. Since then, the terminal has become a hub for liner services of what is now COSCO Shipping Lines. Against this background, HHLA and COSCO equally pursue the goal of successfully securing the future of CTT and an even more efficient dovetailing of Chinese logistics flows in Hamburg,” commented Angela Titzrath, Chairwoman of HHLA’s Executive Board.
Among others, two Far East services, a Mediterranean service and a Baltic feeder service of COSCO are handled at CTT today. Notwithstanding the agreed minority interest of CSPL, CTT will continue to be open to all shipping lines, according to a statement.
CTT is one of three HHLA container terminals at the Port of Hamburg andl has four berths and 14 container gantry cranes. “Container Terminal Tollerort in Hamburg is a keystone of logistics in Europe and has excellent future development prospects,” pointed out Zhang Dayu, Managing Director of CSPL.
HHLA believes that through this strategic partnership with CSPL, Hamburg’s position as a logistical hub in the European North Range and for the Baltic region will also be strengthened.