Europe's third largest port will soon have a new Chinese shareholder! COSCO Shipping Ports, a subsidiary of COSCO Shipping Group, will take a stake in the container terminal of Hamburg, Germany's largest port, in what is expected to be the first non-German operator to acquire a major container gateway terminal in Germany.
On June 4, COSCO Shipping Ports announced in a statement 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 confirmed the talks with COSCO Shipping Ports. HHLA said it hopes the negotiations will strengthen the relationship with its Chinese partners and provide sustainable planning guarantees for Tollerort container terminal to ensure the cargo volume and employment in Hamburg's port.
Tollerort container terminal serves 18 routes, most of which are 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 13000-19,000 TEU.
Port of Hamburg, founded in 1189, is the traditional and most important material transfer station in northern Europe and the overseas trade center of the Baltic Sea coastal area. Port of Hamburg has four of the most advanced container terminals in Germany and three cruise terminals. It is the first in Germany and the third largest in Europe. Port of Hamburg ranks 17th in the world.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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