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PRESS RELEASE : Hamburger Hafen und Logistik AG: Tollerort to become preferred hub for COSCO services

09/21/2021 | 04:46am EDT

DGAP-News: Hamburger Hafen und Logistik AG / Key word(s): Investment Hamburger Hafen und Logistik AG: Tollerort to become preferred hub for COSCO services 2021-09-21 / 10:45 The issuer is solely responsible for the content of this announcement.


Hamburg, 21 September 2021

[Hamburger Hafen und Logistik AG]

Tollerort to become preferred hub for COSCO services . COSCO Shipping Ports receives minority share of 35 percent in CTT . Partnership creates long-term planning and employment security for HHLA . Hamburg's position as a Central European hub for trade with China to be strengthened

Hamburger Hafen und Logistik AG (HHLA) and COSCO Shipping Ports Limited (CSPL) successfully concluded negotiations about a strategic investment by CSPL in HHLA Container Terminal Tollerort (CTT) today. CSPL, a terminal operator listed on the Hong Kong stock exchange and member of the COSCO Shipping Group, takes on a 35 percent minority share in the Hamburg container terminal.

HHLA expects the participation to strengthen the relationship with its Chinese partner, as well as long-term planning security for Container Terminal Tollerort and secured capacity and employment in the Port of Hamburg. With the minority interest of CSPL, CTT will become a "preferred hub" in Europe, meaning it will be the preferred transshipment point for COSCO, where cargo flows will be concentrated.

Angela Titzrath, Chairwoman of HHLA's Executive Board: "The maritime world is currently facing intense changes. Long-term, trusting customer relationships - like the ones HHLA has tended to for 40 years in trade with China - are that much more important now. The first Chinese vessel was processed at Tollerort back in 1982. Since then, the terminal has become a hub for liner services of what is now COSCO Shipping Lines. Against this background, HHLA and COSCO equally pursue the goal of successfully securing the future of CTT and an even more efficient dovetailing of Chinese logistics flows in Hamburg."

Zhang Dayu, Managing Director of CSPL: "Container Terminal Tollerort in Hamburg is a keystone of logistics in Europe and has excellent future development prospects. We look forward to working together with our partner HHLA to unleash the existing potential and further develop the terminal."

Among others, two Far East services, a Mediterranean service and a Baltic feeder service of COSCO are handled at CTT today. Notwithstanding the agreed minority interest of CSPL, CTT will continue to be open to all shipping lines.

CTT is one of three HHLA container terminals at the Port of Hamburg. The terminal has four berths and 14 container gantry cranes. COSCO's largest container ships with a capacity of 20,000 TEU and more are handled here. With its five tracks, the terminal's own railway station is excellently connected to the hinterland, meaning goods can be moved quickly between CTT and European destinations.

The Port of Hamburg is the most important logistical hub for maritime and continental goods trade between China and Europe. Nearly every third container that is handled in Hamburg has its origin in China or is destined for the Chinese market. Through this strategic partnership with CSPL, it is not just CTT and HHLA that will benefit - Hamburg's position as a logistical hub in the European North Range and for the Baltic region will also be strengthened.

The closing of the transaction is subject to various competition and foreign trade approvals. HHLA's Supervisory Board has already approved the minority interest. Contact: Annette Krüger, Spokeswoman; Phone +49-(0)40-3088-3503 Julia Hartmann, Head of Investor Relations; Phone +49-(0)40-3088-3397 Hans-Jörg Heims, Head of Corporate Communications; Phone +49-(0)40-3088-3521 HAMBURGER HAFEN UND LOGISTIK AG Bei St. Annen 1, D-20457 Hamburg, www.hhla.de/en


2021-09-21 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de


Language:     English 
Company:      Hamburger Hafen und Logistik AG 
              Bei St. Annen 1 
              20457 Hamburg 
Phone:        +49 (0)40-3088-0 
Fax:          +49 (0)40-3088-3355 
E-mail:       info@hhla.de 
Internet:     www.hhla.de 
ISIN:         DE000A0S8488 
WKN:          A0S848 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, 
              Dusseldorf, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1234777 
End of News   DGAP News Service 

1234777 2021-09-21

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1234777&application_name=news

(END) Dow Jones Newswires

September 21, 2021 04:45 ET (08:45 GMT)

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Net income 2021 74,4 M 86,6 M 86,6 M
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P/E ratio 2021 19,4x
Yield 2021 3,06%
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EV / Sales 2021 1,48x
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Nbr of Employees 6 419
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Number of Analysts 4
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Average target price 20,03 €
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Managers and Directors
Angela Titzrath Chairman-Management Board
Roland Lappin Chief Financial Officer
Rüdiger Grube Chairman-Supervisory Board
Frank Winkenwerder Head-Information Systems
Jens Hansen Chief Operating Officer