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Port of Hamburg will not be sold to Cosco

In view of current media reports on the planned cooperation between Hamburger Hafen und Logistik AG and the Chinese company Cosco Shipping Port Limited, an HHLA spokesman states:

HHLA is still in the ongoing process of obtaining the necessary investment law approval. HHLA is not aware of any rejection by six federal ministries. It is incorrect to say that the EU has objected to the cooperation. The cartel law approval was granted by the responsible authorities.

In the proceedings, which have now been ongoing for over a year, HHLA received no objective reasons that would indicate that the investment should not be approved.

Against this background, HHLA clarifies once again:

As part of the planned partnership, COSCO Shipping Port Limited (CSPL) will not acquire any shares of the Port of Hamburg. The investment applies to a maximum of 35% of the shares of the HHLA subsidiary Container Terminal Tollerort GmbH (CTT).

As part of the necessary investment screening procedure, the Federal Government is investigating whether the shareholding might pose a risk to the security of the country. In HHLA's view, this is not the case:

  • CSPL is not gaining access to the Port of Hamburg or HHLA. The transaction only concerns a minority stake in HHLA's operating subsidiary CTT GmbH.
  • CTT GmbH is ultimately an operating subsidiary. HHLA retains sole control over all significant decisions. COSCO has no exclusive rights at CTT - the terminal remains open to container volumes from all customers.
  • CSPL does not gain access to strategic know-how. The port infrastructure remains the property of the Free and Hanseatic City of Hamburg. IT and sales data remain the sole responsibility of HHLA.

The cooperation between HHLA and COSCO does not create any one-sided dependencies. On the contrary: it strengthens supply chains, secures jobs, and promotes value creation in Germany. Smoothly functioning logistics are a basic condition for global trade flows and prosperity. The same applies to climate protection as to logistics: progress and security can only be achieved on the basis of cooperation, common goals, and interests.

Cooperation between the two partners also strengthens the position of the Free and Hanseatic City of Hamburg as a logistics hub in the North Sea and Baltic Sea region and of the Federal Republic of Germany as an export nation.

 

For more information: hhla.de


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