by Lloyd's List

29 November 2024 (Lloyd's List) - MEDITERRANEAN Shipping Co has finalised its acquisition of a 49.9% stake in Hamburger Hafen und Logistik Aktiengesellschaft, a key port operator in Hamburg, Germany.

The purchase was completed after approval by the Hamburg Parliament, relevant regulatory bodies, and the European Commission. The City of Hamburg, which previously fully owned HHLA, retains 50.1% ownership through a holding company.

MSC chief Søren Toft emphasised the company's commitment to Hamburg's port, which traces its roots back over 800 years as a vital global trade gateway. He stated MSC understands the tradition and responsibility of investing in HHLA for the benefit of the port, local workforce, and Hamburg community.

“Together with the City, we will invest in growth, technology and infrastructure to strengthen HHLA’s competitiveness,” said Toft.

Hamburg’s Ministry of Economy and Innovation Melanie Leonhard said the partnership will significantly strengthen HHLA through planned investments in automation, digitization and infrastructure. This will in turn benefit the port and all of HHLA's customers.

As part of binding agreements, MSC will increase cargo volumes through HHLA's terminals to over 1m teu annually by 2031. MSC and Hamburg also pledged €450m ($475.8m) in equity to support HHLA's upcoming investments.

Extensive commitments were made regarding employee rights to keep HHLA an attractive option for all market participants. MSC, Hamburg, and HHLA will now jointly develop medium-term business and investment plans to further HHLA's long-term viability.

Underscoring its dedication to Hamburg, MSC also announced plans to construct its new German headquarters in Hamburg's HafenCity with approximately 700 employees.

Earlier this month, the European Commission approved MSC's minority stake purchase in HHLA. The Commission concluded the deal poses no competition concerns given its limited impact and sufficient remaining competitors at North European ports.