A COSCO Shipping container ship lies in the harbor in Hamburg, Germany, Oct. 26, 2022. Credit: Michael Probst via AP
German Chancellor Olaf Scholz has greenlit a deal for Chinese shipping giant COSCO to buy a stake in the port of Hamburg, Germany’s largest, despite objections from six federal ministries and protests from several western capitals.
Following Germany’s misplaced bets on Russian energy, a chorus of critics believe it would be foolish to deepen the country’s dependence on China, which Berlin has deemed a “systemic rival.”
Data: COSCO SHIPPING Holdings Co. annual reports
But proponents of the deal say Berlin cannot afford to cut COSCO out. Blocking an investment by the world’s third largest shipper and second largest ports operator, they argue, would send its business to Hamburg’s competitors.
COSCO Shipping looms large over the global maritime industry. Since 2015, the company’s rapid expansion — aided several mega deals and generous development loans — has made waves — and sparked alarm.
This week, The Wire takes a look at COSCO Shippi
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