Saturday, January 28, 2023
spot_img
HomeHeadlinesCOSCO acquires 35% stake in Hamburg terminal

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

COSCO acquires 35% stake in Hamburg terminal

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.

Source: ContainerNews

Related Posts

Video

Finance & Economy
Shipping News
Ports

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

John Fredriksen Increases Stake in Euronav

Norwegian billionaire John Fredriksen has once again increased his stake in Belgian tanker company Euronav in wake of Frontline’s termination of its combination agreement...

First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Partners

First Citizens Bank announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt...

Eagle Bulk Appoints Kate Blankenship to Board of Directors

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the midsize drybulk vessel segment, announced that it has appointed A. Kate Blankenship...

Golar LNG: Unwind of majority of TTF hedges of 2023 and 2024 Dutch Title Transfer Facility exposure

Golar LNG Limited (“Golar”) announced that it has unwound the majority of its swap arrangements for its Dutch Title Transfer Facility (“TTF”) linked production...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits fresh 2-1/2-year low as larger vessel rates slip

The Baltic Exchange’s main sea freight index extended losses to a sixth straight session...

Baltic index down for fifth day on lower vessel rates

The Baltic Exchange’s main sea freight index fell for the fifth straight session on...

Maritime UK: Net Zero Review published

On 13 January, the Department for Business, Energy and Industrial Strategy (BEIS) published the...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...