April 12, 2024

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COSCO Shipping Port expected to acquire Hamburg terminal stake

2 min read
marine-news-COSCO SHIPPING Ports expected to acquire Hamburg terminal stake

From COSCO Shipping

COSCO Shipping Ports, a subsidiary of COSCO Shipping Group, will take a stake in the container terminal of Hamburg, Germany’s largest port, which means the first non-German group to acquire a major container gateway terminal in Germany.

On June 4, COSCO Shipping Ports announced that it is in talks with Hamburger Hafen und Logistik AG (HHLA) regarding a potential transaction to acquire a minority stake in HHLA Container Terminal Tollerort GmbH (CTT), a wholly-owned subsidiary of HHLA. CTT’s main business is the operation of Tollerort container terminal in Hamburg, Germany.

HHLA said it hopes the negotiations will strengthen the relationship with Chinese partners and provide sustainable planning guarantees for Tollerort container terminal to ensure the cargo volume in Hamburg’s port.

Tollerort container terminal serves 18 routes, mostly regional routes to Europe, as well as Ocean Alliance’s Asia-Northern Europe NEU3 (CMA CGM FAL7 and COSCO Shipping AEU7), which has 10 vessels. The capacity is between 13,000-19,000 TEU.

Port of Hamburg, founded in 1189, is the traditional and most important port in northern Europe and the overseas trade center of the Baltic Sea coastal area. There are four container terminals and three cruise terminals located in Port of Hamburg. It is the first in Germany and the third largest in Europe. Port of Hamburg ranks 17th in the world.

Source Xinde Marine News

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