After long and controversial political debates, the entry of the Chinese state shipping company Cosco into a container terminal in the port of Hamburg has finally been sealed. The contract was signed on Monday, said the operator, Hamburger Hafen und Logistik AG (HHLA). The deal gives Cosco a 24.99 percent interest in the Tollerort terminal. It is one of four container terminals in the Port of Hamburg.
In principle, the federal government allowed the Chinese state-owned company to enter the market in October, despite broad political concerns. However, under pressure from several ministries, Cosco was only allowed a minority stake of less than 25 percent. After final checks of the contracts, the federal government finally gave the green light for the transaction in May.
The deal with Cosco was sometimes sharply criticized due to concerns about increasing influence on important companies and infrastructure, while HHLA defended it as a contribution to securing the future of its business and the Port of Hamburg. This is a hub for trade with China. The agreement was subject to an investment proviso by the federal government because Cosco is a company from a non-EU country.
