(Yicai Global) Sept. 23 -- COSCO Shipping Ports, a major ports operator and unit of conglomerate China COSCO, plans to take a 35 percent stake in Container Terminal Tollerort in the Port of Hamburg, Germany, for CNY750 million (USD116 million).
CSP’s subsidiary Guolong signed the agreement with owner Hamburger Hafenund Logistik, which will retain a 65 percent stake in CTT, the Hong Kong-based firm said in a press release yesterday.
The Port of Hamburg is Germany’s third-largest port and Europe’s second-biggest container port. It is next to the country’s key industrial and population centers, and its freight network reaches Central and Eastern Europe. It is also an important hub of the China-Europe Railway Express.
Container Terminal Tollerort has four berths and 14 container cranes, and provides services to CSP’s two Far East shipping routes, one Mediterranean route, and one Baltic Sea feeder route.
CTT is one of Europe’s key logistics hubs and has great development potential, CSP Managing Director Zhang Dayu said in the statement, adding that the investment is intended to deepen cooperation between the two companies.
Shares of COSCO Shipping Ports [HKG:1199] rose 2.3 percent today to finish at HKD6.70 (86 US cents) each.
Editor: Futura Costaglione