Following the necessary investment review, which is required when companies from non-EU countries acquire shares, we now have a result that strengthens HHLA's future viability and secures jobs in the Port of Hamburg. We want to successfully develop the business relationship with COSCO, which has existed for 40 years.

Neither CTT, HHLA nor the Port of Hamburg will be sold to China. HHLA will remain an independent, listed company with the Free and Hanseatic City of Hamburg as its most important owner.

With the entry of CSPL, CTT will become a preferred hub for Asian traffic. HHLA will retain sole control over all key decisions. COSCO will not receive any exclusive rights to CTT - the terminal will remain open to container volumes from all customers. CSPL will also not gain access to strategic know-how, and HHLA will remain solely responsible for IT and sales data. German law will continue to apply in all matters.

The cooperation between HHLA and COSCO does not create any one-sided dependencies. On the contrary: it strengthens supply chains, secures jobs and promotes value creation in Germany. Smoothly functioning logistics is a basic prerequisite for global trade flows and prosperity. Progress and security can only be achieved on the basis of cooperation, common goals and interests. The cooperation between the two partners also strengthens the position of the Free and Hanseatic City of Hamburg as a logistics hub in the North Sea and Baltic Sea region and of the Federal Republic of Germany as an export nation.

Open and free global trade is the basis for a city like Hamburg. China accounts for 20 percent of global economic output, far ahead of the USA. A company like HHLA must and wants to maintain good relations with its Chinese trading partners.

We do not turn a blind eye to human rights violations and the oppression of minorities, regardless of the country. However, differences - no matter how great - can only be resolved through dialog and mutual respect. More can be achieved by working together than by working against each other. The solution to the major issues facing humanity, starting with climate protection, cannot succeed without China. Good cooperation in logistics also helps."

HHLA and CSPL signed an agreement in September 2021 under which the Chinese company will acquire a minority stake of 35 percent in Container Terminal Tollerort. The sale of the shares was subject to investment approval by the German government. Although both companies immediately submitted the necessary documents to the Federal Ministry of Economics, the review process dragged on well into 2022. In August, HHLA and CSPL agreed to extend the deadline to October 31 in order to bring the process to a successful conclusion.