China’s largest terminal company, Cosco Shipping Ports, seems to expand itself in Europe. Cosco Port ideates acquiring a stake in one of the three container terminals of Hamburg. As per reports, Hamburger Hafen and Logistik (HHLA) stated earlier last Friday that they are aiming for Cosco to acquire a small shareholding in CTT, a Tollerort container terminal organization.
It is expected that this acquisition will be one of the eight investments made by Cosco in Europe. Apart from this, Cosco is controlling Piraeus port in Greece, where its primary goal is to increase its shareholding at PPA (Piraeus Port Authority) from 51% to 67%.
Talking about the collaboration, HHLA spokesperson quoted,
“HHLA expects the participation [of Cosco Shipping Ports] to strengthen the relationship with its Chinese partner as well as to provide sustainable planning security for Container Terminal Tollerort to safeguard volume and employment in the Port of Hamburg. But it added that “no legally binding agreement has yet been reached between the two parties.”
Cosco showed interest in HHLA after witnessing an 11.1 percent drop in the Hamburg terminal throughput that was undoubtedly followed by incurring a loss in Asia-Europe Services. The beating continued until the first quarter end of 2021 with a 7.2 percent fall, which is comparatively more than Q1 of 2020.