On Wednesday Chinaʼs Cosco Shipping acquired a stake of more than 15% in Rail Cargo Terminal-BILK, the Hungarian unit of Austriaʼs Rail Cargo Group. With this purchase, made through Ocean Rail Logistics, Cosco will join the operation of a well-functioning, developed network, said Rail Cargo Austria’s board member Thomas Kargl, reports state news wire MTI.
Cosco Shipping Europe’s chairman Sun Jun said Hungary was a forwarding hub for Europe, and the terminal in Budapest was a bridge between sea and land routes. Hungarian state secretary László Mosóczi is expecting the deal to boost rail freight volume from China.
Chinaʼs ambassador to Hungary Duan Jielong explained the contract was an acknowledgment of stronger Hungarian-Chinese ties. Beijing was open to advancing this cooperation further, he added.
Rail Cargo Terminal-BILK started operating on a 22-hectare area in Budapestʼs District XXIII in 2003, which has a throughput capacity of about 220,000 TEU a year.