On September 21, Hong Kong-listed terminal operator Cosco Shipping Ports Limited (CSPL) issued an announcement stating that Guolong, a wholly-owned subsidiary of the company, and Hamburger Hafen und Logistik (HHLA) have completed the acquisition of a 35% stake HHLA Container Terminal Tollerort (CTT).
Zhang Dayu, Managing Director and Angela Titzrath, Chairman of the Executive Board, respectively, signed the agreement on behalf of COSCO SHIPPING Ports and Hamburg Ports and Logistics Co., Ltd. (HHLA).
The deal should make CTT the preferred transshipment point for Cosco, while HHLA expects the deal to provide long-term secured capacity and jobs in the port of Hamburg.
"Germany is the largest economy in Europe and has become an important trading partner of China. The economic and trade relations between the two countries are expected to be further strengthened in the future. The Port of Hamburg is Germany's largest global port and the third largest container port in Europe. It is close to Germany's important industries and cities. German freight network mainly covers Central and Eastern Europe."
The maritime industry is undergoing tremendous changes, so it is more important to develop long-term and reliable relationships with customers. HHLA is committed to developing business relations with China and it has been 40 years so far. As early as 1982, the first Chinese cargo ship docked at Tollerort. After years of hard work, Tollerort Terminal has become the main calling point of COSCO SHIPPING's fleet.
COSCO SHIPPING Ports and HLA initially visited the Container Terminal of Tollerort in June to focus on inspections. Ensuring freight volume and enrollment in the Port of Hamburg. According to the analysis, almost every third container that is handled in Hamburg originates from China or is delivered to the Chinese market.
Cosco becomes the first Chinese company as a foreign holder of 35% stake in the Port of Hamburg.