The controversial entry of the Chinese state shipping company Cosco at the container terminal Tollerort in the port of Hamburg is getting closer. In talks between the Hamburg port logistics group HHLA, the Federal Ministry of Economics and the Cosco subsidiary CSPL, concrete conditions for the participation had been agreed, HHLA announced on Friday. The last details still have to be clarified, but the transaction should be finalized “promptly”. HHLA did not give any details; the parties agreed not to disclose the contractual content.
In October, the federal government released Cosco’s entry into the container terminal, despite massive concerns. Instead of the planned 35 percent stake in the operator of the container terminal in Tollerort, however, it only approved a 24.9 percent stake for the Chinese. In addition, special rights were prohibited.
The decision was preceded by a conflict between the Chancellery and a number of ministries, which had spoken out in favor of a complete ban. The government resolved the conflict in two steps. On the one hand, the company that operates the Tollerort terminal, the smallest of four container terminals in the Port of Hamburg, was not classified as a critical infrastructure. As a result, the threshold for a permit requirement according to the Foreign Trade and Payments Act rose from ten to 25 percent.
Since only 24.9 percent were now allowed, at least this entry is no longer subject to approval. The ministries could therefore no longer lodge an objection, but a number are said to have followed the Minutes of the Foreign Office.
HHLA is not currently planning any other projects with Cosco. “With regard to Cosco, we are talking about a strategic partnership, which is how we describe the closest possible cooperation. We also do this in our customer relationships, for example with the shipping companies Hapag-Lloyd or Evergreen,” HHLA CEO Angela Titzrath told WELT AM SONNTAG recently. “Some time ago there were considerations as to whether our subsidiary HPC, which develops port facilities worldwide, would accept a consulting contract for a port project in China. But this project was not realized.”
