COSCO Negotiates with HHLA for Stake in Tollerort Terminal

The Hamburger Hafen und Logistik AG (HHLA) and COSCO Shipping Ports Limited (CSPL) have successfully concluded negotiations today regarding a strategic stake of CSPL in the HHLA Container Terminal Tollerort (CTT). CSPL, a terminal operator listed in Hong Kong and a member of the COSCO Shipping Group, will receive a 35% minority stake in the Hamburg container terminal.

(Hamburg) HHLA sees the stake as a strengthening of the customer relationship with the Chinese partner as well as a sustainable planning security for the Container Terminal Tollerort, to ensure utilization and employment in the Hamburg port. With the minority stake of CSPL, the CTT will become a so-called “Preferred Hub” in Europe, a preferred transshipment point for COSCO, where cargo flows are concentrated.

Angela Titzrath, CEO of HHLA: “The maritime world is currently undergoing significant changes. Long-standing and trusting customer relationships, such as those that HHLA has maintained for 40 years in trade with China, are therefore particularly important. The first Chinese freighter was processed at Tollerort as early as 1982. Since then, the terminal has developed into a hub for the liner services of today’s COSCO Shipping Lines. Against this background, both HHLA and COSCO share the goal of successfully securing the future of the CTT and further integrating Chinese logistics flows at the Hamburg location.”

Terminal with Development Perspectives

Zhang Dayu, Managing Director of CSPL: “The Container Terminal Tollerort in Hamburg is an important pillar of logistics in Europe and has very good development prospects for the future. We look forward to unlocking the existing potential together with our partner HHLA and successfully further developing the location.”

At the CTT, two Far East services, a Mediterranean service, and a Baltic feeder service from COSCO are currently being processed. Despite the agreed minority stake of CSPL, the CTT will remain open to all shipping customers within the HHLA network.

The CTT is one of three container terminals operated by HHLA in the Hamburg port. The facility has four berths and 14 container bridges. Here, among other things, the largest container ships from COSCO with a slot capacity of 20,000 TEU and more are processed. The terminal’s own railway station is excellently connected to the hinterland with its five tracks, allowing goods to be quickly moved between European target markets and the CTT.

Almost Every Third Container from or to China

The Hamburg port is the most important logistical hub for maritime and continental goods traffic between China and Europe. Almost every third container that passes through Hamburg comes from China or is destined for the Chinese market. Through the strategic partnership with CSPL, not only the CTT and HHLA but also Hamburg’s position as a logistics hub in the European North Range and towards the Baltic Sea region will be strengthened.

The execution of the transaction is subject to various competition and foreign trade law approvals. The Supervisory Board of HHLA has already approved the minority stake.

Photo: © HHLA