Terminal stake sale
Negotiations are underway for the acquisition of a stake in a European container terminal.
Hamburger Hafen und Logistik AG (HHLA) said it is currently negotiating with COSCO SHIPPING Ports Limited (CSP) about a strategic minority stake by CSPL in the 100% HHLA subsidiary HHLA Container Terminal Tollerort GmbH (CTT). With the Container Terminal Tollerort, CTT operates one of HHLA's three container terminals in the Port of Hamburg
“With the participation, HHLA expects to strengthen the customer relationship with the Chinese partner as well as sustainable planning security for the Container Terminal Tollerort in order to secure quantity and employment in the Port of Hamburg. The CTT will continue to be open to all customers in the HHLA network,” said HHLA.
Big ship handling capacity
According to the Port of Hamburg’s website, CTT occupies the smallest area of all container terminals in Hamburg.
The rail terminal is equipped with a portal crane system that facilitates handling block trains on curved tracks. A total of five block-train tracks are available. Gantry cranes enable large containerships with a capacity of up to 16,000 TEU to be loaded and discharged.
The commercial and legal aspects of the possible strategic participation are currently the subject of further negotiations. HHLA confirmed no legally binding agreement has been reached between the two parties yet. It noted that any agreement would require approval by the responsible authorities.
CSP is a Hong Kong-listed terminal operator and member of the COSCO Shipping Group. CSP currently has 14 terminal investments outside of China. Its 2021 Q1 results showed gross profit in the first quarter was up by 35.9% YoY to US$61.9m.
Port Strategy contacted CSP for comment but has not received a response.
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