After much speculation, CMA CGM and Eurokai have officially confirmed the deal: the French shipping giant is acquiring a 20% stake in the Eurogate Container Terminal Hamburg (CTH).
The terminal, located at the Port of Waltershof, will continue to be managed as a joint venture between Hamburg-based Eurokai and Bremen-based BLG. CMA CGM’s investment will be made through its subsidiary, CMA Terminals, and includes commitments to support the terminal’s planned “western expansion.”
Eurogate’s €2 Billion Expansion Plan
As part of the agreement, Eurogate is set to expand by 38 hectares in the coming years. The project includes increasing the turning circle for container ships from 480 to 600 meters and boosting annual throughput capacity from 4 million TEU to 6 million TEU. The expansion is estimated to cost around €2 billion.
Eurokai has stated that, if the transaction is finalized in the first half of 2026, it could significantly impact the company’s net profit for the 2026 financial year under both German Commercial Code (HGB) and IFRS standards.
Strategic Investments by Major Shipping Lines
CMA CGM’s move follows similar investments by other major shipping companies. Chinese state-owned Cosco acquired a 24.9% stake in Container Terminal Tollerort (CTT) in 2023, despite initial controversy over the terminal’s classification as critical infrastructure. Meanwhile, the Mediterranean Shipping Company (MSC) acquired a 49.9% stake in Hamburger Hafen und Logistik AG (HHLA), with the City of Hamburg retaining a majority 50.1% share. Both deals faced significant criticism and delays before being finalized.
MSC has ambitious plans to increase container volumes at HHLA terminals, targeting a minimum annual volume of 1 million TEU by 2031. The company also intends to establish a port headquarters in HafenCity.
Dedicated Terminals and Economic Implications
The agreements with CMA CGM, MSC, and Cosco include preferential rights at “dedicated terminals,” ensuring basic capacity utilization for the shipping companies. While this model secures steady business for the ports, critics argue it creates economic dependency on the shipping lines.
In Hamburg, this approach is relatively new, as the city historically resisted selling minority stakes. However, handling losses in recent years have prompted a shift in strategy. Elsewhere, dedicated terminals are more common. For instance, Hapag-Lloyd holds a 30% stake in Container Terminal Wilhelmshaven (CTW) and 50% in Rail Terminal Wilhelmshaven (RTW), while Eurogate holds the remaining shares. Similarly, Bremerhaven’s NTB terminal is jointly operated by Maersk and Eurogate, and the MSC terminal is co-managed by Eurogate and MSC.
©2025 Hansa International Maritime Journal