COSCO Shipping Ports Receives Minority Share Of 35% In HHLA CTT
Hamburger Hafen und Logistik AG (HHLA) and COSCO Shipping Ports Limited (CSPL) successfully concluded negotiations about a strategic investment by CSPL in HHLA Container Terminal Tollerort (CTT) today. CSPL, a terminal operator listed on the Hong Kong stock exchange and member of the COSCO Shipping Group, takes on a 35 percent minority share in the Hamburg container terminal.
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.
Angela Titzrath, Chairwoman of HHLA’s Executive Board: “The maritime world is currently facing intense changes. Long-term, trusting customer relationships – like the ones HHLA has tended to for 40 years in trade with China – are that much more important now. 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.”
Zhang Dayu, Managing Director of CSPL: “Container Terminal Tollerort in Hamburg is a keystone of logistics in Europe and has excellent future development prospects. We look forward to working together with our partner HHLA to unleash the existing potential and further develop the terminal.”
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.
CTT is one of three HHLA container terminals at the Port of Hamburg. The terminal has four berths and 14 container gantry cranes. COSCO’s largest container ships with a capacity of 20,000 TEU and more are handled here. With its 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 Port of Hamburg is the most important logistical hub for maritime and continental goods trade between China and Europe. 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.
The closing of the transaction is subject to various competition and foreign trade approvals. HHLA’s Supervisory Board has already approved the minority interest.