Port operator HHLA told German and EU authorities would decide whether Cosco should be allowed to purchase a 35% stake in CTT, which, though small compared with Hamburg’s other box terminals, is well-connected with the hinterland by rail.
Last month, Germany’s climate and economy minister, Robert Habeck, said he was “disinclined to allow the acquisition to take place”.
Calling for a stance of “no more naivety” in future dealings with Beijing, he added: “We cannot allow ourselves to be blackmailed… if [the Chinese market] were to close… we would have extreme sales problems.”
Concerns have arisen over Chinese ownership of European infrastructure more than once since Cosco’s acquisition of a controlling 67% stake in the Greek port of Piraeus, of which 16% is held in escrow.
Scepticism over Chinese ownership of key European logistics infrastructure appears to be written into the remit of the 2020 EU framework for screening of foreign direct investment (FDI).
Thinning margins are taking their toll on the US trucking industry. Some operators are struggling to survive, while their larger competitors are using profits from the past two years to take over smaller players.
This week began with news that Werner Enterprises, the sixth-largest US truckload operator, in terms of 2021 revenue, was taking over Indiana-based Baylor Trucking, which runs 200 trucks and 980 trailers and tabled $81.5m in revenue for its year ending 31 August.
Werner chairman, president and CEO Derek Leathers said the acquisition would position his company for further growth, adding: “We expect this acquisition to be accretive in year one and anticipate buying power synergies through integrated management of our combined fleets.”
The deal was the latest in a string of takeovers on the US trucking scene; arguably the most prolific hunter this year has been RoadOne, which acquired drayage firm Wilmac Enterprises, which operates in Texas, Tennessee and New Jersey, in late August.
And that was a week after it bought Oakland-based R&A Trucking, as well as the earlier acquisition of EHS Trucking. Through more than a dozen companies RoadOne now runs over 2,000 trucks and 71 facilities across the US.
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Taiwan International Ports Corp (TIPC) and South Korea’s Busan Port Authority (BPA) are to jointly invest in container handling infrastructure in Indonesia to tap into its emerging market and younger workforce.
The two port authorities, through their Indonesian subsidiaries, PT Formosa Sejati Logistics (TIPC) and PT Probbolingo Logistic Center (BPA) signed an agreement last week to develop container terminals, container yards and warehouses.
The agreement also states that Taiwanese and South Korean enterprises will receive improved logistics services in Indonesia.
The booming e-commerce market in South-east Asia has propped up freight rates between South Korea, Indonesia, Malaysia and Singapore at about $1,100/teu, a nine-fold increase from pre-Covid-19 days.
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