Federal Government Approves COSCO’s Stake in HHLA Terminal

The federal government has approved the acquisition of a minority stake of under 25 percent by the Chinese company COSCO Shipping Port Limited (CSPL) in the operating company HHLA Container Terminal Tollerort GmbH (CTT) under certain conditions.

(Hamburg) HHLA CEO Angela Titzrath stated:
 
“We welcome that a solution has been found in factually constructive discussions with the federal government. Our long-standing Chinese partner COSCO Shipping Ports Limited can acquire a minority stake of under 25 percent in the operating company of the Container Terminal Tollerort (CTT) GmbH in Hamburg, provided that the conditions set by the federal government are met. We will soon hold discussions with CSPL regarding an appropriate adjustment of the agreement.
 
After the necessary investment review, which is required for acquisitions of company shares by companies from non-EU countries, a result is now available that strengthens the future viability of HHLA and secures jobs in the Port of Hamburg. We want to successfully further develop the business relationship with COSCO, which has existed for 40 years. Neither the CTT, nor HHLA, nor the Port of Hamburg will be sold to China. HHLA remains an independent, publicly traded company with the Free and Hanseatic City of Hamburg as its most important owner.
 

Preferred Hub for Asian Traffic

 
With CSPL’s entry, the CTT will become a preferred hub for Asian traffic. HHLA retains sole control over all essential decisions. COSCO will not receive exclusivity rights at CTT – the terminal remains open for container volumes from all customers. CSPL will also not have access to strategic know-how; IT and sales data will remain solely under HHLA’s responsibility. German law continues to apply in all matters. The cooperation between HHLA and COSCO does not create one-sided dependencies. On the contrary: it strengthens supply chains, secures jobs, and promotes value creation in Germany. Smoothly functioning logistics are a prerequisite for global trade flows and prosperity. Progress and security can only be achieved based on cooperation, shared goals, and interests. The collaboration of both partners also strengthens the position of the Free and Hanseatic City of Hamburg as a logistics hub in the North and Baltic Sea region, as well as that of the Federal Republic of Germany as an export nation.
 

Open and Free Global Trade Important for Hamburg

 
Open and free global trade is the foundation for a city like Hamburg. China accounts for 20 percent of global economic output, far ahead of the USA. A company like HHLA must and wants to maintain good relations with its Chinese trading partners.
 
We do not turn a blind eye to human rights violations and the oppression of minorities, regardless of the country. Differences – no matter how great – can only be resolved through dialogue and mutual respect. More can be achieved together than against each other. The solution to the great challenges of humanity, starting with climate protection, cannot succeed without China. Good cooperation in logistics also helps with this.”