After much deliberation, the German government has finalised the acquisition of a minority stake of less than 25% in the operating company HHLA Container Terminal Tollerort (CTT) by the Chinese company Cosco Shipping Port Limited.
Following the completion of the investment screening process, Hamburger Hafen und Logistik AG (HHLA) and Cosco Shipping Ports Limited (CSPL) have signed yesterday the agreement for CSPL’s minority shareholding in Container Terminal Tollerort (CTT).
This deal provides CSPL with an interest of 24.99% in HHLA’s Container Terminal Tollerort in Hamburg.
The terminal will now be developed into a preferred handling location for HHLA’s long-term customer Cosco, where freight flows between Asia and Europe are to be concentrated.
“The collaboration between the partners thus strengthens the Free and Hanseatic City of Hamburg’s position as a logistics hub in the North Sea and Baltic region as well as Germany’s position as an industrial nation,” HHLA said in a statement.
As decided in the Federal Cabinet in autumn 2022, Cosco may only acquire shares of less than 25% in the terminal in the Port of Hamburg.
Berlin gave the green light to Cosco´s shipping investment in Hamburg Port as it is believed that Cosco´s minority shareholding secures employment and boosts Hamburg’s national and international importance as a logistics hub.
China is currently Germany’s and the Port of Hamburg’s largest trading partner. Around 30% of the goods handled in the Port of Hamburg come from China or go to China. Approximately 1.35 million jobs in Germany depend on the ports.