It's on us. Share your news here.

HHLA calls for final approval of China’s Cosco investment in Hamburg port

Posted on March 29, 2023

German logistics firm HHLA (HHFGn.DE) on Thursday called on the German government to uphold its responsibility towards the port of Hamburg and finally approve an agreed investment by Chinese shipping firm Cosco (601919.SS).

HHLA has been waiting for a final go-ahead from the economy ministry for 18 months and now expects to hear back soon, Chief Executive Angela Titzrath said.

“We believe we have answered all the questions,” she said at a presentation of HHLA’s 2022 results. HHLA had implemented all the ministry’s requirements for the contract with Cosco, she added.

Germany’s economy ministry said it was reviewing whether government requirements “are being implemented properly”. It did not provide further details.

Chancellor Olaf Scholz in October had pushed through a decision to let Cosco buy a 24.9% stake in one of HHLA’s three terminals in the Hamburg port. That was less than an initially planned 35% stake. Still, the decision prompted protests within Germany’s government coalition and from abroad over concerns about increasing Chinese influence.

Germany is working on a new strategy towards China, its top trading partner, aiming to reduce its dependence on the Asian economic superpower and addressing security concerns.


It's on us. Share your news here.
Submit Your News Today

Join Our
Click to Subscribe