HHLA Urges German Gov't to Approve Cosco Investment in Hamburg port

Reuters March 23, 2023

©M. Johannsen

German logistics firm HHLA on Thursday called on the German government to uphold its responsibility towards the port of Hamburg and finally approve an agreed investment of China's shipping firm Cosco.

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.

German 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.

However, it triggered protests within Germany's government coalition and from abroad over concerns about increasing Chinese influence.

Germany's economy ministry did not immediately respond to a request for comment.

(Reuters - Reporting by Jan Schwartz, Christian Kraemer/Writing by Riham AlkousaaEditing by Paul Carrel, Kirsti Knolle)