COSCO Acquires 35% Stake In Hamburg Container Terminal Tollerort (CTT)

COSCO Shipping Ports Limited (CSPL) is set to acquire a 35% stake in Hamburger Hafen und Logistik (HHLA) Container Terminal Tollerort (CTT), after a deal was struck between the Hong-Kong listed CSPL and HHLA recently.

COSCO Acquires 35% Stake In Hamburg Container Terminal Tollerort (CTT)
Container Terminal Tollerort (CTT) | Image Via: HHLA

Also In News: CMA CGM Hit By Another Cyber Attack After A Year

This new deal is expecting CTT to become a preferred transshipment point for COSCO, and HHLA believes the deal will deliver long-term secured capacity and employment in the Port of Hamburg.

Angela Titzrath, the Chairwoman of HHLA’s executive board, mentioned, “The first Chinese vessel was processed at Tollerort back in 1982. Since then, the terminal has become a hub for the liner services of what is now Cosco Shipping Lines. Against this background, HHLA and Cosco equally pursue the goal of successfully securing the future of CTT and an even more efficient dovetailing of Chinese logistics flows in Hamburg.”

Popular Now: COSCO Settles Case With American Furniture Company MCS, MSC’s Settlement Pending

As a fact, CTT is one of three HHLA container terminals at the Port of Hamburg, Germany. The terminal includes four berths and 14 container gantry cranes. Among others, two Far East services, a Mediterranean service and a Baltic feeder service of COSCO are being operated at CTT today. Roughly every third container being operated in Hamburg has its origin in China or is destined for the Chinese market, according to HHLA.

“Through this strategic partnership with CSPL, it is not just CTT and HHLA that will benefit. Hamburg’s position as a logistical hub in the European North Range and for the Baltic region will also be strengthened,” added HHLA.

Also Read: World’s First LNG Dual-Fueled VLCC Launched By China’s COSCO Shipping

HHLA and CSPL reported the Tollerort terminal talks in June, this year (2020), therefore, marking the first investment by a non-German operator into the nation’s main container port. The company also has operations based at the Port of Piraeus, Italy’s Vardo Reefer Terminal, Zeebrugge, Bilbao and Valencia, Antwerp, and Rotterdam’s Euromax terminal. The closing of the transaction is constrained by various competition and foreign trade approvals. HHLA’s supervisory board has already approved the deal.

Leave a Reply

Your email address will not be published.