News Logistics
German container terminal preyed on Chinese state-owned company
COSCO Shipping Ports, part of the state-owned China Shipping Group, has made a strategic move in Germany. The company enters into a partnership with Hamburger Hafen und Logistik AG (HHLA) and thereby acquires 35% of the shares of 1 of the 3 HHLA terminals in Hamburg.
The terminal in question is the Container Terminal Tollerort with 4 unloading places and 14 container cranes. The partnership and purchase is part of COSCO's strategy to expand its terminal network worldwide. The company is already active in 36 ports worldwide where it manages 357 berths and unloading places for seagoing vessels. Of these, 210 are intended for container transport.
Major European transit port
COSCO's Chinese Director of Operations, Zhang Dayu, points out the key role that the Port of Hamburg plays in the European logistics landscape. He expects plenty of development opportunities for the future. “Together with HHLA, COSCO will fulfill these opportunities,” said Dayu. The port of Hamburg has a very good connection with the European hinterland via an extensive train network.
It has been agreed that COSCO will designate the Tollerort terminal as a preferred location in Europe. HHLA sees the collaboration as a piece of security for capacity and employment in the long term. Angela Titzrath, chairman of the board of directors at HHLA, points out that the shipping industry is currently undergoing drastic change.
In recent months, prices for container transport have risen to absolute record high† Empty containers to Asia are very scarce. For many industries, this has an enormous impact in the form of a significantly increased cost of export.
Steve Wissink
© DCA Market Intelligence. This market information is subject to copyright. It is not permitted to reproduce, distribute, disseminate or make the content available to third parties for compensation, in any form, without the express written permission of DCA Market Intelligence.
