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
New ICS guide helps seafarers navigate digital bridge
(Posted on 20/01/22)The newly launched edition of the Bridge Procedures Guide from the International Chamber of Shipping... Read more
One Sea appointment advances autonomous ship rule agenda
(Posted on 20/01/22)One Sea, the high-profile ecosystem leading the way towards an operating autonomous maritime ecosystem... Read more
North makes key fixed premium P&I appointments
(Posted on 20/01/22)Global marine insurer North has reinforced its strategy for premium diversification with two major additions... Read more
Singapore still leading maritime city
(Posted on 15/01/22)The 2022 edition of the Leading Maritime Cities (LMC) report has been launched at an event hosted by... Read more
DNV Conference shows collaboration is shipping’s fuel of future
(Posted on 15/01/22)Participants from across the maritime value chain have participated in the DNV Conference – The... Read more
CCS appoints new president
(Posted on 08/01/22)China Classification Society has announced the appointment of a new President and vice president. Founded... Read more
New Sea Change Fund for seafarers in crisis
(Posted on 08/01/22)Maritime charity Sailors’ Society has launched a new fund to provide urgent welfare grants for... Read more
ClassNK to make electronic certificates and reports as standard
(Posted on 20/12/21)Leading Classification Society ClassNK will make electronic certificates and reports issued for ships... Read more
Saudi shipowners commit 100+ vessels to CSM
(Posted on 20/12/21)A leading group of progressive Saudi owners and operators have committed over 100 offshore assets to... Read more
BMA announces agreement for representation in South Korea
(Posted on 20/12/21)The Bahamas Maritime Authority (BMA) announces that it has signed an agreement with Ben Line Agencies... Read more
