MSC’s potential 49.9% stake acquisition in HHLA, which oversees three of Europe’s busiest port terminals, has sent shockwaves through the global maritime trade sector.
MSC’s $1.4B Deal for Hamburg Port Expansion
News of the binding preliminary arrangement between Mediterranean Shipping Company and HHLA emerged at the start of Germany’s National Maritime Conference in Bremen.
It is understood that the Swiss-run line’s offer amounts to $1.4 billion and that MSC, currently the world’s biggest carrier by capacity, intends to expand throughput at the Port of Hamburg by one million TEUs in the next eight years.
MSC’s Hafencity HQ and Job Boost in Maritime Sector
At a press conference, it was also announced that MSC plans to build new headquarters in Hafencity, with new home-port plans that will expectedly create 700 additional jobs on the cruise side of the line’s operations.
It is the second time in 2023 that Germany’s maritime sector has been surprised by the unexpected news of a significant privatisation development.
MSC Aims to Make Hamburg a Global Freight Hub
Earlier this year Chinese carrier Cosco made history when it became the first corporate entity to acquire a stake in HHLA.
Its purchase of 24.9% of the Hamburg operator’s Container Terminal Tollerort clearly paved the way for further privatisation of the busy port.
MSC’s CEO, Søren Toft, said the line intends to turn Hamburg into a global hub for container freight movement.
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Source- Freight News
