HHLA and CSPL close to finalising the agreement for an investment in CTT
The companies Hamburger Hafen und Logistik AG (HHLA), which manages the container terminals in Hamburg, and COSCO (a Chinese logistics operator) have reached an agreement on the terms of the purchase by the Chinese of a minority stake in the Tollerort Container Terminal (CTT) located in the largest German port.
„We can confirm that in objective, constructive talks between Hamburger Hafen und Logistik AG (HHLA), CSPL and the Federal Ministry for Economic Affairs and Climate Action, it has been possible to agree on concrete conditions for CSPL’s participation in HHLA Container Terminal Tollerort GmbH. HHLA and CSPL are currently in talks to clarify the final details and are aiming to finalise the transaction soon. HHLA is pleased to continue the cooperation with its long-standing business partner COSCO on a new level. Since October 2022, HHLA and CSPL have agreed under certain conditions to discuss a shareholding of less than 25 percent in HHLA Container Terminal Tollerort GmbH with the German government. The parties have agreed not to disclose the contents of the agreement.” said in a statement.
In September 2021, HHLA and COSCO concluded an agreement for the sale of a 35% stake in the Tollerort terminal. For the Chinese giant of ocean shipping, the Hamburg terminal is to become the main transhipment hub in Europe. This agreement is therefore intended to bring mutual benefits to the Chinese group and the port of Hamburg.