HHLA says the agreement provides CSPL with an interest of 24.99% in HHLA’s Container Terminal Tollerort in Hamburg.
CTT will now be developed into a preferred handling location for HHLA’s long-term customer COSCO, where freight flows between Asia and Europe are to be concentrated.
“The collaboration between the partners thus strengthens the Free and Hanseatic City of Hamburg’s position as a logistics hub in the North Sea and Baltic region as well as Germany’s position as an industrial nation,” said HHLA in a press release.
Keen to respond to concerns about Chinese influence, HHLA added:
“No, all important strategic decisions will continue to be made in the HHLA holding company or under the leadership of HHLA. HHLA remains an independent, listed company with the Free and Hanseatic City of Hamburg as the most important owner. We have been able to rely on this owner in recent weeks. COSCO does not receive any exclusive rights at the Container Terminal Tollerort – the terminal remains open to container volumes from all customers. COSCO also has no access to strategic know-how. IT and sales data remain solely at HHLA’s responsibility. German law continues to apply in all matters, including all collective agreements and works agreements.”