Hamburg’s mayor in favor of Cosco stake

Hamburg’s First Mayor Peter Tschentscher (SPD) has spoken out in favor of plans by the Chinese company China Ocean Shipping Company (Cosco) to acquire a stake in the Hamburg container shipping terminal. “There are no political guidelines for this, but what makes sense from an entrepreneurial perspective must also be made possible and done in practice,” the SPD politician told the website n-tv.de. Hamburg must remain at the forefront of the competitiveness of northern European seaports, Tschentscher demanded. Hamburg is the third-largest European seaport – and China is by far the Hanseatic city’s biggest trading partner.