COSCO SHIPPING Ports announced that it will acquire a 35% stake of Container Terminal Tollerort in the Port of Hamburg, Germany.

COSCO SHIPPING Ports and Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) signed the agreement.

Zhang Dayu, managing director of COSCO SHIPPING Ports, said that Container Terminal Tollerort in the Port of Hamburg is an important logistics hub in Europe and enjoys favorable natural conditions, such as good location, water depth and connects to the hinterland, which has very promising prospect and great potential of development in the future.

"We are looking forward to strengthening the cooperative relationship with HHLA through this investment to leverage the complementary advantages of both parties and provide better high-quality service to our customers," he said.

Angela Titzrath, chairwoman of HHLA’s executive board, said that the shipping industry is undergoing drastic changes now, and therefore the long-term stable relationship with customers is very important.

China-Hamburg connection

HHLA noted that it has been committed to developing business opportunities with China since 40 years ago adding that Tollerort Terminal has become the main calling point for the shipping liners of COSCO SHIPPING.

HHLA and COSCO SHIPPING Ports aim to develop Container Terminal Tollerort in joint efforts to enhance the interconnection in logistics business between China and Hamburg.

COSCO said in a statement that the Port of Hamburg enjoys great geographical location and have abundant rear collection and distribution facilities as one of the most important trade hubs from Europe to China, which is also an important node of CHINA RAILWAY Express.

"Leveraging on great geographical location and efficient operations and management capabilities, three container terminals in the Port of Hamburg attracted three major shipping alliances to call at the terminals, which maintains stable business growth in the past few years," it added.

The port operator also noted that Container Terminal Tollerort has a "stable and promising outlook."