COSCO SHIPPING Ports announces that the German Government confirms the approval of the investment by the Company in 24.99% equity interest of Hamburg Port Container Terminal Tollerort
COSCO SHIPPING Ports Limited (‘CSPL’ or ‘the Company’) announces that on 10 May, the German government confirmed the approval of CSPL’s investment in 24.99% equity interest of Container Terminal Tollerort (‘CTT’) from Hamburger Hafen und Logistik Aktiengesellschaft (‘HHLA’), based on the approval conditions given in October 2022 by the German government. The Company welcomes the decision by the German government and will complete the transaction with HHLA soon.
Within the trend of globalisation, trade and economic ties between China and Germany will continue to develop further, and demand for maritime transport from both countries will continue to increase. Hamburg Port’s CTT is well positioned geographically, in close proximity to major industrial hubs in Germany, and trade volume to and from China already makes up 30% of total trade volume at Hamburg Port. The completion of this transaction will help strengthen the relationship of both parties from every aspect, and both parties will utilise their expertise and advantages in their own areas. CSPL will leverage on its leading position in the global terminal operator industry and the advantages of its global terminal network, as well as the synergy of COSCO SHIPPING Group, to introduce shipping companies and logistics industry chain to enhance the business competitiveness of the terminal. The Company believes that the completion of this transaction will further enhance the service capability of CSPL around the world, strengthen CTT’s position as a global trade hub, facilitate regional trade and economic development and bring benefits to the global economy.