German government considering smaller stake for COSCO in Hamburg CTT deal

Hamburg, Germany - July 25th, 2022, Loading container ship COSCO SHIPPING in Hamburg Alsterhafen, view from the front.

The German Federal Government may allow maritime giant COSCO to buy a smaller stake in Hamburg’s Container Tollerort Terminal (CTT) to push the deal through.

Reuters reported that a potential sale of 24.9 per cent could go ahead between operator Hamburger Hafen und Logistik AG’s (HHLA) CTT and COSCO Shipping Ports Ltd (CSPL) – however German officials remain uncertain over the deal.

CSPL sought to buy 35 per cent of HHLA’s CTT in September 2021.

Earlier this year Germany’s Economy Minister, Robert Habeck, disclosed that he was inclined not to allow the deal due to security concerns.

Last week HHLA’s spokespeople came out resolutely against government concern in the deal, stressing that the Port of Hamburg will not fall into Chinese hands.

The firm clarified that as part of the planned partnership, CSPL will acquire a maximum of 35 per cent of the shares of CTT.

HHLA added that with regards to the Federal Government assessing the threat of Chinese access to German infrastructure, CSPL is not gaining access to the Port of Hamburg or HHLA.

IT and sales data also remain the sole responsibility of HHLA.

Sources tell Reuters negotiations will continue.

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