Cosco Shipping Ports is acquiring a 35% stake of Container Terminal Tollerort in the port of Hamburg, Germany.
Grand Dragon, a wholly owned subsidiary of the company, and Hamburger Hafen und Logistik Akiengesellschaft (HHLA), has signed agreement for the acquisition.
Zhang Dayu, managing director of Cosco Shipping Ports said: “We are looking forward to strengthening the cooperative relationship with HHLA through this investment to leverage the complementary advents of both parties and provide better high-quality service to our customers.”
Angela Titzrath, chairman of HHLA’s executive board said that, through years of endeavors, Tollerort Terminal has become the main calling point for the shipping liners of Cosco Shipping. HHLA and Cosco Shipping Ports aim to develop Container Terminal Tollerort in joint efforts to enhance the interconnection in logistics between China and Hamburg.
The Container Terminal Tollerort enjoys geographic advantage and provides convenient maritime access, including the capacity of accommodating large container ships, and strong connections to the hinterland via the well-developed networks of road, sea, rail and waterways.
The transaction is expected to create a new engine of growth for the company and provide high-quality supply chain services to all shipping companies around the world, Cosco Shipping Ports said.
Source: Seatrade Maritime News