COSCO Shipping’s plan to acquire 80 per cent of Hamburg-based freight forwarder Konrad Zippel Spediteur is still unresolved. While the Bundeskartellamt approved the move back in February, the project is now meeting significant objections in the ongoing security-related review.
The Bundeskartellamt approved the entry on 20 February. At the time, agency head Andreas Mundt said there were no competition concerns.
The reasoning: COSCO operates in maritime transport, while Zippel organises onward movements into the hinterland. Because the two companies sit at different points in the transport chain, they are not considered direct competitors.
At the same time, the authority stressed that security policy considerations are not part of its remit.
Investment screening still underway — outcome unclear
Those security questions are now at the centre of the process. The Federal Ministry for Economic Affairs is leading an investment review under foreign trade law.
The purpose is to assess potential implications for public order and security. Such procedures typically involve multiple ministries and security agencies. For now, it remains unclear whether — or when — a final decision will be made.
Domestic intelligence reportedly raises objections
According to media reports, Germany’s domestic intelligence service (Bundesamt für Verfassungsschutz) has taken a critical stance in the review.
The concern is the gradual expansion of Chinese influence across Europe’s logistics infrastructure. In this context, reports refer to “cumulative acquisitions” — multiple holdings along the transport chain that, taken together, could become strategically significant.
Hinterland logistics in the spotlight
A stake in Zippel would extend COSCO’s reach beyond port operations. The Hamburg company specialises in container hinterland transport by truck, rail and inland waterway vessel.
This interface is considered particularly sensitive because it is where transport flows are consolidated and managed.
In a parliamentary question, lawmakers from Alliance 90/The Greens highlighted the possible access to “transport infrastructure, sensitive data flows and logistics routes”.
The political debate is intensifying
The Zippel case is part of a wider discussion. COSCO already has a foothold in Germany, including a 24.99 per cent stake in the Tollerort container terminal in the Port of Hamburg.
Since then, how far such engagements should be allowed to go has been debated intensely.
For the federal government, the Zippel case once again underscores the challenge of balancing economic interests with security considerations.
Logistics sector is watching closely
For the industry, this is more than a one-off transaction. It illustrates how investments along the transport chain are increasingly being judged through a political lens.
Shipping lines have been expanding their footprint for years — from terminal operations into hinterland logistics. A move into Zippel would be another step in that direction, alongside compliance requirements such as tachographs.
No final decision yet
Neither COSCO nor Zippel has publicly commented on the status of the proceedings. The Federal Ministry for Economic Affairs has also not issued a final assessment so far.
As a result, the deal remains open despite having received competition clearance. In the meantime, Europe-wide checks continue to shape how sensitive logistics operations are scrutinised in practice.
