COSCO and HHLA have signed an agreement for equity participation in the Hamburg container terminal

COSCO Shipping Ports and HHLA have reached an agreement on equity participation in the HHLA Container Terminal Tollerort (CTT) in Hamburg, according to the railway portal Railway Supply.

Under the agreement, COSCO will own a 24.99% minority stake in CTT.

“The CTT terminal will become a priority hub for handling cargo transported by COSCO between Asia and Europe,” HHLA stated.

It is noted that COSCO will not have access to strategic know-how, and the port infrastructure will remain the property of the city of Hamburg.

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“Information technology and sales data will remain exclusively within the competence of HHLA. German legislation applies to all matters,” the company emphasized.

“The cooperation between HHLA and COSCO does not create one-sided dependency. On the contrary, it strengthens supply chains, provides jobs, and promotes the German economy,” HHLA believes.

HHLA and CSPL agreed to include CSPL as a strategic investor in the share capital of the HHLA Tollerort container terminal in Hamburg in the autumn of 2021.

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Initially, a 35% stake for CSPL in CTT was discussed.

However, the German government had concerns about the agreement, fearing that the country would become dependent on China.

In May of this year, the German government approved the agreement with a 24.99% stake for CSPL.

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