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china cosco ship

FILE PHOTO: Chinese container ship "Cosco Shipping Aries" is unloaded at a loading terminal in the port of Hamburg Germany July 27, 2018. REUTERS/Fabian Bimmer/File Photo

China’s Cosco Nearing Hamburg Port Deal 

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January 8, 2023

BERLIN, Jan 6 (Reuters) – German logistics firm HHLA HHFGn.DE and Cosco 601919.SS are close to finalising an agreement for the Chinese shipping giant to take a stake in a terminal at Hamburg’s port, HHLA said on Friday.

“We can confirm that… it has been possible to agree on concrete conditions for CSPL’s (Cosco Shipping Ports Ltd) participation in HHLA Container Terminal Tollerort GmbH,” HHLA said in a statement.

It said HHLA and Cosco were still in talks to clarify final details and aimed to finalise the deal soon.

The German cabinet in October gave its approval for Cosco to buy the terminal in Germany’s largest port in a decision pushed through by Chancellor Olaf Scholz that triggered unprecedented protest within the governing coalition.

(Writing by Maria Sheahan, editing by Rachel More)

(c) Copyright Thomson Reuters 2023.

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