The German Government confirms the approval of the investment by COSCO SHIPPING Ports in 24.99% equity interest of Hamburg Port Container Terminal Tollerort
On 10 May in its local time, 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. CSPL welcomes the decision by the German government and will complete the transaction with HHLA soon.
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, making it an important hub for trade between the two countries. 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. Looking ahead, CSPL will leverage on its leading position in the global terminal operator industry and the advantages of its global terminal network, to further utilise the synergy of COSCO SHIPPING Group by improving logistics industry chain,to enhance the 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.