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Shanghai International Port Group moves to take over Jinjiang Shipping
SHANGHAI International Port (Group) (SIPG), Shanghai's port operator, will move ahead with plans to buy 79.2 per cent intra-Asia container concern Shanghai Jinjiang Shipping for CNY1.94 billion (US$312.5 million).
SIPG has been carrying out due diligence on the shipping line since April, reports Lloyd's List.
Jinjiang focuses on East Asian trade and has 12 ships ranging in size from 764 to 1,098 TEU. SIPG already owns one container line, Shanghai Hai Hua Shipping (HASCO), which runs seven boxships, with six vessels under construction.
SIPG said the move to buy Jinjiang was to firm up its throughput and boost transshipments at Shanghai, the world's largest container port, reports Singapore's Splash 24/7.
SIPG has been carrying out due diligence on the shipping line since April, reports Lloyd's List.
Jinjiang focuses on East Asian trade and has 12 ships ranging in size from 764 to 1,098 TEU. SIPG already owns one container line, Shanghai Hai Hua Shipping (HASCO), which runs seven boxships, with six vessels under construction.
SIPG said the move to buy Jinjiang was to firm up its throughput and boost transshipments at Shanghai, the world's largest container port, reports Singapore's Splash 24/7.
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