COSCO Ports to buy 35 percent stake in Hamburg container terminal
Hong Kong-listed terminal operator COSCO Shipping Ports will acquire a 35 percent stake in the Container Terminal Tollerort managed by the Port of Hamburg, Germany.
September 23, 2021: Hong Kong-listed terminal operator COSCO Shipping Ports (CSPL) will acquire a 35 percent stake in the Container Terminal Tollerort (CTT) managed by the Port of Hamburg, Germany.
The deal was signed by Zhang Dayu, managing director, COSCO Shipping Ports and Angela Titzrath, chairwoman of the executive board of Hamburger Hafen und Logistik Aktiengesellschaft (HHLA).
Dayu said CTT is an important logistics hub in Europe, and “enjoys favorable natural conditions such as good location, water depth and connects to the hinterland, which has very promising prospects and great potential of development in the future. We are looking forward to strengthening the cooperative relationship with HHLA through this investment to leverage the complementary advantages of both parties and provide better high-quality service to our customers.”
The first Chinese vessel to call at CTT was in 1982, Titzrath said. “Tollerort Terminal has become the main calling point for the shipping liners of COSCO Shipping. HHLA and COSCO Shipping Ports aim to develop CTT to enhance the interconnection in logistics business between China and Hamburg.”
Port of Hamburg expects the deal to strengthen the relationship with its Chinese partner, long-term planning security for CTT and secure capacity and employment in the Port of Hamburg, an official statement said. CTT will become a “preferred hub” in Europe for COSCO, the release added.
COSCO Shipping Ports, as on June 30, 2021, operated and managed 357 berths at 36 ports worldwide of which 210 were for containers with a combined annual handling capacity of 118 million TEU.
CTT will continue to be open to all shipping lines irrespective of the deal with COSCO Shipping Ports.
COSCO ’s largest container ships with a capacity of 20,000 TEU and more are handled at CTT. “With five tracks, the terminal’s own railway station is excellently connected to the hinterland, meaning goods can be moved quickly between CTT and European destinations,” the statement said.