After nearly 2 years of twists and turns, the agreement for Chinese companies to take a stake in the German port of Hamburg was finally signed
Recently, Hamburg Port and Logistics AG (HHLA) issued a statement saying that after completing the final investment review process, the company and COSCO Shipping Ports Limited (CSPL) have signed a final share purchase agreement for the Port of Hamburg's 'Tollerort' container terminal (CTT). CSPL ('COSCO Shipping Ports') signed a definitive share purchase agreement for the 'Tollerort' Container Terminal ('CTT') in the Port of Hamburg.
Under the agreement, COSCO Shipping Ports will acquire a 24.99% stake in the Port of Hamburg's 'Tollerort' container terminal, which will become the first choice for China Ocean Shipping Group Limited (COSCO, of which COSCO Shipping Ports is a subsidiary) to handle (COSCO, of which COSCO Ports is a subsidiary) will be the preferred berthing terminal for cargoes between Asia and Europe.
'From the national level, the economic endowments of China and Germany are highly complementary, but economic exchanges are sometimes limited by logistics factors and fail to fully exploit the potential of cooperation between the two sides, the cooperation between Chinese enterprises and the Port of Hamburg, to a greater extent, to make up for this shortcoming, and bring incremental economic and trade exchanges between China and Germany.' In an interview with the Securities Daily, Xu Feibiao, researcher of China Institute of Modern International Relations and director of BRICS and G20 Research Center, said so.
From the enterprise level, for the Port of Hamburg, this equity acquisition has 'emergency' effect.
The Port of Hamburg is one of the most important trade hubs connecting Europe and China, and is a key node for the China-Europe freight train service. However, due to the global economic slowdown, the epidemic and other factors, in the first quarter of 2023, its maritime cargo throughput fell by 10% year-on-year, container throughput fell by 17% year-on-year, and rail cargo transportation decreased by 3.4% year-on-year, the situation is not optimistic.
COSCO Shipping Ports is listed on the Hong Kong stock exchange. Its 2022 annual report shows that the company's business involves maritime transport, integrated logistics, container transport and leasing, terminal unpacking, overseas warehouses, etc., and it is continuously upgrading to terminal automation and smart ports with the support of digitalization, which is fruitful.
'Such an investment is beneficial to strengthen the key position of the Port of Hamburg in Sino-German as well as Sino-European economic and trade relations, enhance the competitiveness of the port, help improve the resilience and security of the supply chain of the industrial chain where the Port of Hamburg is located, can create more local jobs, and at the same time is conducive to further improve the construction of the German logistics system.' Kou Kou, associate professor of German Language Institute of Beijing Foreign Studies University, said this to the Securities Daily.
For COSCO Shipping Ports, this cooperation has laid a more solid foundation for the company's business 'voyage to the sea'.
'As a leading global shipping company, COSCO Shipping Ports is constantly upgrading itself in terms of digitalization and greening, relying on China's advantages in digital information technology and industry. This investment will not only enhance the competitiveness of its industry in logistics and other aspects, but also create more opportunities for exporting electronics, machinery and information technology services in the future. ' Xu Feibiao said.
Hong Yong, deputy researcher of the Institute of Electronic Commerce of the Ministry of Commerce Research Institute, also told the Securities Daily reporter: 'COSCO Shipping Port's investment will also bring demonstration effects for domestic related industries, for example, the external promotion of its container business will help enhance the overall competitiveness of China's container industry in the international market.'
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