On May 10, local time, the German government confirmed its approval for COSCO Shipping Port to acquire a 24.99 percent stake in the Container Terminal Tollerort Terminal (CTT Terminal) of the Port of Hamburg, Germany, from Hamburg Port and Logistics AG (HHLA) in accordance with the approval issued by the German government in October 2022. COSCO SHIPPING Ports welcomes the German government's decision and will work with HHLA to complete the transaction.
Hamburg Port CTT terminal geographical location is superior, adjacent to Germany's main industrial center, to and from China's cargo throughput of Hamburg Port total throughput of about 30%, is an important hub of Sino-German trade.
The project delivery, will help the transaction parties in all aspects to deepen the relationship, give full play to their respective professional areas of resources and capabilities.
In the future, COSCO Shipping Ports will continue to rely on its leading position in the global port operator industry and global network layout advantages to further leverage COSCO Shipping Group synergies and introduce shipping companies and logistics industry chains to enhance terminal competitiveness.
The company believes that the completion of this transaction will help further enhance COSCO Shipping Port's global service capabilities, help consolidate and enhance CTT Terminal's position as a global logistics key hub node, and further serve regional trade and economic development and benefit the world.
Source: China International Freight Forwarders Association