COSCO to acquire 35% stake in German terminal

Tollerort port terminal is located in the Port of Hamburg, Germany.

China Ocean Shipping Company (COSCO) announced that it is acquiring 35% shares of Tollerort port terminal in Hamburg, Germany.

COSCO Managing Director Zhang Dayu and Hamburger Hafen und Logistik Aktiengesellschaft (HHLA) Chairwoman Angela Titzrath signed the agreement on behalf of the two companies.

Dayu said Tollerort in the Port of Hamburg is an important logistics hub in Europe and enjoys favourable natural conditions, such as good location, water depth, and connections to the hinterland, which has very promising prospects and great potential for development in the future.

Moreover, Titzrath adds COSCO and HHLA aim to develop Tollerort in joint efforts to enhance the interconnection in logistics business between China and Hamburg.

The Port of Hamburg enjoys a 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 the China Railway Express.