COSCO Shipping Ports Limited (CSPL) has bought a 35 percent stake in Hamburger Hafen und Logistik AG’s (HHLA) Container Terminal Tollerort (CTT).
CSPL is a terminal operator listed on the Hong Kong stock exchange and member of the COSCO Shipping Group. HHLA operates seaport terminals in Hamburg, Odessa, Tallinn and Trieste, and intermodal hubs in Central and Eastern Europe.
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 inland destinations, meaning goods can be moved quickly between CTT and the rest of Europe.
With the investment, CTT will be the preferred transshipment point for COSCO in Europe.
HHLA expects the CSPL participation will provide financial security for Container Terminal Tollerort and provide jobs in the Port of Hamburg.
“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,” said Angela Titzrath, chairwoman of HHLA’s executive board.
The first Chinese vessel was processed at Tollerort 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,” Titzrath continued.
Among others, two Far East services, a Mediterranean service and a Baltic feeder service of COSCO are handled at CTT today. CTT will continue to serve all shipping lines.
The Port of Hamburg is an 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.
The closing of the transaction is subject to various competition and foreign trade approvals. HHLA’s Supervisory Board has already approved the minority interest.