A look at the state-owned maritime giant: how it came to be, its influence over the maritime industry, and why its reach has elicited concern.
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
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