German port owner Hamburger Hafen und Logistik AG (HHLA) has finalized its agreement with a unit of Chinese shipping giant COSCO for a stake in a key container terminal at the Port of Hamburg.
The acquisition has sparked a political row over the risks of Chinese investment in the German economy.
The announcement comes after German government green lit the purchase by the China state-owned shipping conglomerate in May following a lengthy review process, but limited COSCO’s stake to 25%.
Under the agreement, COSCO Shipping Ports Ltd. (CSPL) will acquire a 24.99 percent stake in HHLA Container Terminal Tollerort, which serves as the main destination for COSCO’s Asia to N. Europe fleet in Germany.
HHLA said the collaboration will strengthen Hamburg’s position as a logistics hub in the North Sea and Baltic region, as well as Germany’s position as an industrial nation, while also reiterating that the deal won’t give COSCO access to the Port of Hamburg or HHLA.
The deal comes amid China’s expansion and growing influence in shipping and logistics, which have been common themes since the launch of the Chinese government’s One Belt One Road global infrastructure strategy a decade ago.
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