CMES Taking Over Bulkers and LNG Assets from Sinotrans

22 January 2020

China Merchants Energy Shipping (CMES) has decided to integrate the shipping assets of its subsidiary Sinotrans & CSC Holdings in a transaction worth over RMB 6.57 billion (USD 954 million). 

The integration move comes amid China Merchants’ efforts to deal with rising market competition, the company said.

The assets acquired in the deal include 9 Capesize vessels, 11 Panamax vessels, 21 Handy vessels, 25.5% equity in 5 ARC7 ice-breaking LNG carriers intended for the Yamal LNG project and Sinotrans Shipping Management Co., Ltd.

After the completion of the acquisition, CMES will significantly bolster its bulk carrier fleet, especially in the Capesize and Handy sector, boosting the company’s competitiveness. 

The acquisition comes on the back of the merger agreement between China Merchants Group and Sinotrans & CSC Holdings which was finalized in April 2017.

With the strategic reorganization, China’s Sinotrans & CSC became a wholly-owned subsidiary of Hong Kong-based China Merchants.

Under the merger conditions, the two companies agreed to reorganize their tanker shipping business, as well as other businesses including energy and dry bulk shipping, property development, ports, marine, and offshore engineering and logistics.

Source: World Maritime News

 

Comments (0)


Today
8:03am
Hi Jenna! I made a new design, and i wanted to show it to you.
8:03am
It's quite clean and it's inspired from Bulkit.
8:12am
Oh really??! I want to see that.
8:13am
FYI it was done in less than a day.
8:17am
Great to hear it. Just send me the PSD files so i can have a look at it.
8:18am
And if you have a prototype, you can also send me the link to it.

Monday
4:55pm
Hey Jenna, what's up?
4:56pm
Iam coming to LA tomorrow. Interested in having lunch?
5:21pm
Hey mate, it's been a while. Sure I would love to.
5:27pm
Ok. Let's say i pick you up at 12:30 at work, works?
5:43pm
Yup, that works great.
5:44pm
And yeah, don't forget to bring some of my favourite cheese cake.
5:27pm
No worries

Today
2:01pm
Hello Jenna, did you read my proposal?
2:01pm
Didn't hear from you since i sent it.
2:02pm
Hello Milly, Iam really sorry, Iam so busy recently, but i had the time to read it.
2:04pm
And what did you think about it?
2:05pm
Actually it's quite good, there might be some small changes but overall it's great.
2:07pm
I think that i can give it to my boss at this stage.
2:09pm
Crossing fingers then

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