The agreement provides Cosco Shipping Ports CSPL with an interest of 24.99% in HHLA’s Container Terminal Tollerort (CTT) in Hamburg, Germany. The stake is lower than the 35% originally planned the level of which ran into political opposition in Germany.

“CTT will now be developed into a preferred handling location for HHLA’s long-term customer Cosco, where freight flows between Asia and Europe are to be concentrated. The collaboration between the partners thus strengthens the Free and Hanseatic City of Hamburg’s position as a logistics hub in the North Sea and Baltic region as well as Germany’s position as an industrial nation,” commented HHLA.

Related: German government approves Cosco minority investment in HHLA

The transaction was initially made in September 2021 in relation to the acquisition of interest in Container Terminal Tollerort by Grand Dragon, a wholly-owned subsidiary of Cosco Shipping Ports, which had been postponed several times and had moved forward finally last month after the German authority gave a nod at the deal in the conditions of cutting down the terminal acquisition percentage from 35% to 24.99%.