Cosco acquires 35% stake in HHLA Container Terminal Tollerort
Hamburger Hafen und Logistik (HHLA) and Hong Kong-listed terminal operator Cosco Shipping Ports Limited (CSPL) have struck a deal that will see CSPL acquire a 35% stake in HHLA Container Terminal Tollerort (CTT).
The transaction should result in CTT becoming a preferred transshipment point for Cosco, and HHLA expects the deal will deliver long-term secured capacity and employment in the Port of Hamburg.
“The first Chinese vessel was processed at Tollerort back in 1982. Since then, the terminal has become a hub for the 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,” said Angela Titzrath, chairwoman of HHLA’s executive board.
CTT is one of three HHLA container terminals at the Port of Hamburg. The terminal has four berths and 14 container gantry cranes. Among others, two Far East services, a Mediterranean service and a Baltic feeder service of Cosco are handled at CTT today.
According to HHLA, nearly every third container that is handled in Hamburg has its origin in China or is destined for the Chinese market. “Through this strategic partnership with CSPL, it is not just CTT and HHLA that will benefit – Hamburg’s position as a logistical hub in the European North Range and for the Baltic region will also be strengthened.”
HHLA and CSPL announced the Tollerort terminal talks in June this year. It marks the first investment by a non-German operator into the country’s main container port. Cosco also has operations based at the Port of Piraeus, Italy’s Vardo Reefer Terminal, Bilbao and Valencia, Zeebrugge, Antwerp, and Rotterdam’s Euromax terminal. The closing of the transaction is subject to various competition and foreign trade approvals. HHLA’s supervisory board has already approved the deal.
Source: Splash 247