- COSCO Shipping Ports has begun negotiations with Hamburger Hafen Logistik over a possible purchase of a minority share in HHLA Container Terminal Tollerort (CTT).
- The commercial and legal aspects of a minority shareholding by Cosco are currently the subject of ongoing negotiations – and no agreement has yet been reached.
Hamburg terminal operator HHLA has confirmed it has begun talks with Chinese counterpart Cosco Shipping Ports over the sale of a minority stake in its Container Terminal Tollerort (CTT) operation, reports the Loadstar.
Ongoing negotiation
The German terminal operator said the CTT is a wholly owned subsidiary that operates three of its terminals at the Port of Hamburg, describing it as a “part of the HHLA Group’s Container segment.”
CTT operates Container Terminal Tollerort, one of the three HHLA container terminals at the Port of Hamburg. It is the smallest of HHLA’s three terminals, having four berths. The other larger two being the Burchardkai and Alternwerder terminals.
HHLA said the commercial and legal cornerstones of the potential strategic partnership are “currently the subject of ongoing negotiations” and no legally binding agreement has yet been reached.
Such an agreement would not only require the internal approval of the respective bodies of both parties, but in particular the approval of the relevant authorities.
Sustainable planning security
HHLA said it expects the participation to strengthen the relationship with its Chinese partner as well as to provide sustainable planning security for Container Terminal Tollerort in order to safeguard volume and employment in the Port of Hamburg. CTT will continue to be open to all customers within HHLA’s network.
If an agreement is struck it will be the latest example of Chinese investment in a major European container hub.
In April 2021, the Port Duisburg, the largest inland port in Europe, cited investment from China as a reason for its strong performance in 2020, despite the effects of the COVID-19 pandemic.
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Source: The Loadstar
