HHLA Takes Full Stake in Polzug

HHLA Takes Full Stake in Polzug

HHLA, the Port of Hamburg’s biggest container handler, has acquired the 25.5 percent it didn’t already own in Polish intermodal operator Polzug. HHLA didn’t say how much it paid PKP Cargo, the Polish rail freight company, for its shareholding in Polzug.

The deal, which is subject to regulatory approvals, consolidates HHLA’s leading position in intermodal traffic between Germany and Poland.

HHLA acquired majority control of Polzug in April when it bought a 33.3 percent stake from German railway Deutsche Bahn. It also acquired Deutsche Bahn’s 35 percent stake in Metrans, an intermodal company active in Central and Eastern Europe.

In return, HHLA transferred its 50 percent share of rail container company Transfracht to Deutsche Bahn.

HHLA’s intermodal traffic slumped 24.7 percent to 697,000 20-foot-equivalent units in the first half of 2012 from 925,000 TEUs a year earlier, largely because of the disposal of its Transfracht business. Deep-sea container traffic at terminals in Hamburg and Odessa, Ukraine, grew 3 percent to 3.15 million TEUs.