COSCO receives 35% share in Hamburg’s Tollerort Terminal

COSCO Shipping Ports Limited (CSPL) has undertaken a strategic investment to receive a 35% minority share in the Hamburger Hafen Und Logistik (HHLA) Container Terminal Tollerort (CTT).

After undergoing negotiations with HHLA, with this agreement, CTT will now become the “preferred hub” for COSCO services and will be where cargo flows will be concentrated.

In a statement from HHLA, the company expects the participation to strengthen the relationship with its Chinese partner as well as long-term planning for security for the terminal with secured capacity and employment.

“The maritime world is currently facing intense changes,” reveals Angela Titzrath, Chairwoman of HHLA’s Executive Board.

“Long-term, trusting customer relationships – like the ones HHLA has tended to for 40 years in trade with China – are that much important now.

“The first Chinese vessel was processed at Tollerort back in 1982. Since then, the terminal has become a hub for liner services of what is now COSCO shipping lines. Against this background, HHLA and COSCO equally pursue the goal of successfully securing the future of CTT and an even more efficient dovetailing of Chinese logistics flows in Hamburg.”

Zhang Dayu, Managing Director of CSPL, added “Container Terminal Tollerort in Hamburg is a key-stone of logistics in Europe and has excellent future development prospects. We look forward to working with our partner HHLA to unleash the existing potential and further develop the terminal.”

HHLA have also been working alongside the H2Global Foundation. In August 2021 it was reported the German company would have active involvement in the newly established foundation, implementing its projects in the field of hydrogen technology.

https://www.porttechnology.org/news/cosco-receive-35-share-in-hamburgs-tollerort-terminal/