Join our crew and become one of the 106,426 members that receive our newsletter.

Deal Reached for COSCO Stake in German Container Terminal

Photo courtesy HHLA

Deal Reached for COSCO Stake in German Container Terminal

Mike Schuler
Total Views: 1469
June 19, 2023

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.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 106,426 members delivered daily straight to your inbox.

Join Our Crew

Join the 106,426 members that receive our newsletter.