Hamburg Süd and CNCo close sale
(Posted on 08/04/19)
Hamburg Süd and CNCo have received regulatory approval and completed the transfer of RAO and the bulk activities in Furness Withy and Aliança Navegação e Logística to CNCo.
Hamburg/Singapore, April 1, 2019. Hamburg Süd and The China Navigation Company (CNCo), a subsidiary of the Swire Group, have today completed the sale of Hamburg Süd’s dry bulk shipping business, which includes Rudolf A. Oetker (RAO) and the bulk activities in Furness Withy (London and Melbourne) and Aliança Navegação e Logística, to CNCo after receiving regulatory approval. The sale was announced in January 2019. The RAO Tankers business unit is not included in the agreement and will remain part of the Hamburg Süd Group.
The affected dry bulk shipping units with offices in Hamburg, London, Melbourne and Rio de Janeiro have a chartered fleet of approximately 45 vessels in the handysize, supramax/ultramax and kamsarmax/panamax segments. CNCo plans to keep the offices and staff.
“With this strategic step, Hamburg Süd – as part of the Maersk family – will now be focusing on the container shipping business,” said Dr. Arnt Vespermann, CEO of Hamburg Süd. “Our bulk business has been an integral part of our company and success for more than six decades, and today we would like to thank our colleagues for everything they have done for the company. At the same time, we are pleased to have found China Navigation to be the new, perfectly matching owner of our former dry-bulk operations.”
Calling the acquisition a strategic fit for CNCo, James Woodrow, Managing Director of CNCo, said: “We are delighted to receive regulatory approval and to welcome on board a very talented and highly experienced team. The natural synergies between the businesses, skills and expertise of the new teams will complement those we have at CNCo. This will in turn help to develop our strategic expansion in the larger segments.”
Latest News
ASL sees continued surge in demand for Cape Size carriers
(Posted on 19/03/25)The surge in demand for Cape Size bulk carriers will continue for another six weeks, driven on by increased... Read more
Partnership to enhance compliance and emissions management
(Posted on 18/03/25)OrbitMI, a leading provider of maritime SaaS software, has announced that Istanbul-based Statu Shipping... Read more
INTERCARGO statement on loss of seafarers in Odesa bulker attack
(Posted on 18/03/25)“The International Association of Dry Cargo Shipowners (INTERCARGO) is deeply saddened by the... Read more
DNV white paper on adoption of ammonia and hydrogen fuels
(Posted on 18/03/25)As the shipping industry continues its transition to carbon-neutral fuels, ammonia and hydrogen are... Read more
Enclosed space survey aims to understand why seafarers are still dying
(Posted on 12/03/25)Ship managers and maritime professionals have joined forces to address concerns over the continuing... Read more
Algoma takes delivery of three vessels in a week including final Equinox
(Posted on 12/03/25)Algoma Central Corporation has achieved a significant milestone, taking delivery of three new ships,... Read more
Asyad Shipping successfully lists on Muscat Stock Exchange
(Posted on 12/03/25)Asyad Shipping Company SAOG, one of the world’s largest diversified maritime providers and a global... Read more
Maritime framework in focus as Jamaica develops its maritime services
(Posted on 12/03/25)As Jamaica continues to develop its maritime sector, expanding its shipping services, growing its bunkering... Read more
Record-breaking year in safety for ESL Shipping
(Posted on 06/03/25)ESL Shipping, the leading carrier of dry bulk cargoes in the Baltic region, has achieved remarkable... Read more
DNV report to help shipowners select energy-efficiency measures
(Posted on 06/03/25)With increasing regulatory pressure and rising fuel costs, the shipping industry must accelerate decarbonization... Read more
