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HHLA and CSP finalise CTT shareholding
HHLA and Cosco Shipping Ports have finally signed the agreement for CSP’s minority shareholding in CTT Hamburg.
The signing of the agreement follows much speculation, debate and prevarication – including an initial agreement in April and then a review by the German Economy Ministry, which resulted in its approval in last month.
The final conclusion of the agreement provides CSP with an interest of 24.99% in HHLA’s CTT in Hamburg. CTT will now be developed into a preferred handling location for HHLA’s long-term customer Cosco, and freight flows between Asia and Europe will be concentrated at CTT.
“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,” stated HHLA.
HHLA emphasised that the transaction does not mean that CSP gains access to the Port of Hamburg or HHLA. “The transaction only affects a minority interest of less than 25% in the HHLA operating subsidiary Container Terminal Tollerort GmbH,” HHLA stated.
“The cooperation between HHLA and Cosco does not create any one-sided dependencies. On the contrary, it strengthens supply chains, secures jobs and enables value creation in Germany. Smoothly functioning logistics are a basic requirement for global trade flows and prosperity. Progress and security can only be achieved on the basis of cooperation as well as common goals and interests,” concluded HHLA.
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