Introducing Chinese Capital into Hamburg Port in Germany

The German government has approved the participation of a Chinese state-owned company in the container port of Hamburg, the largest port city classified as critical infrastructure.

On the 10th (local time), the German government announced that although the Tollerort port operated by Hamburg Port Authority (HHLA) is classified as critical social infrastructure, it will maintain its previous decision to allow China COSCO Shipping Corporation (COSCO), a Chinese state-owned shipping company, to hold a 24.9% stake.

Container Port of Hamburg

A German government spokesperson said, "We have sent a letter to the parties involved in the sale confirming that the amendment to the share sale contract is consistent with the conditions set at the time of the sale decision."

Earlier, at the end of October last year, after intense discussions, the German cabinet decided to allow COSCO to hold a 24.9% stake in the Tollerort container port, one of the four ports in Hamburg, Germany's largest port city. Although the responsible ministry opposed the decision at the time, German Chancellor Olaf Scholz, a former mayor of Hamburg, decided to maintain the approval for the stake participation. However, the shareholding size was reduced from the original 35% to 24.9%.

Subsequently, the German Federal Office for Information Security (BSI) announced in January this year that it would classify the Tollerort port as critical social infrastructure, prompting a review of the related investment.

The German government appears to have made this decision considering China's significant role in Germany's trade industry. According to HHLA, China is currently Germany's largest trading partner and the biggest customer of the Hamburg port. Thirty percent of the cargo handled at the Hamburg port is traded with China. The number of jobs within the Hamburg port reaches 1.35 million.

HHLA stated, "All issues raised during the investment review can be clarified through intensive and constructive consultations," adding, "Now, the port, where cargo shipments between Asia and Europe are concentrated, can be remodeled in the way preferred by our long-term customer COSCO."

This content was produced with the assistance of AI translation services.