COSCO and Hamburger Hafen Make Deal
On September 21 negotiations closed and an announcement was made that COSCO Shipping Ports Limited (CSPL) will acquire a 35% share with Hamburger Hafen und Logistik AG (HHLA) in their HHLA Container Terminal Tollerort (CTT).
For COSCO, CTT is now expected to be a preferred hub for transshipment with Europe as it’s one of the three container terminals in Germany at the Port of Hamburg.
HHLA forecasts this joint venture will strengthen its partnership with COSCO which has the possibility for longevity in growth of the terminal.
Angela Titzrath, Chairwoman of HHLA’s Executive Board stated,“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.”