COSCO Shipping Ports (CSPL), part of the Shanghai-based COSCO Shipping Group, will take a 35% share in Container Terminal Tollerort (CTT) operated by Hamburger Hafen und Logistik (HHLA).
According to the parties, "CTT will become a 'preferred hub' in Europe, meaning it will be the preferred transshipment point for COSCO, where cargo flows will be concentrated."
COSCO uses CTT for two of its Far East services, one Mediterranean and a Baltic feeder loop. The company calls Hamburg with its 20,000+ TEU-big vessels.
CTT offers four 15.1 m-max draught berths (1,065 m of quay wall in total), 14 gantries and 57 straddle carriers, and five rail tracks (each 700 m-long).
"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," Angela Titzrath, Chairwoman of HHLA's Executive Board, commented.
Zhang Dayu, Managing Director of CSPL, also said, "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."
According to HHLA, almost one-third of all containers passing the Port of Hamburg come from or are going to China.
The closing of the transaction is subject to various competition and foreign trade approvals. HHLA's Supervisory Board has already accepted the minority interest.
Photo: HHLA/Thies Rätzke