Hamburg Süd and China Navigation Company (CNCo), a subsidiary of Swire Group, have entered into an agreement for CNCo to acquire Hamburg Süd’s bulk shipping business which includes Rudolf A. Oetker (RAO), Furness Withy Chartering, and the bulk activities in Aliança Navegação e Logística (Aliabulk).
CNCo will acquire Hamburg Süd’s fleet of approximately 45 Handysize, Supra/Ultramax, and Kamsarmax/Panamax vessels as part of the deal.
The bulk shipping acquisition by CNCo will enable Hamburg Süd to shift its focus to container shipping activities.
Closing of the agreement is expected by the end of the first quarter of 2019, subject to regulatory approval. The parties have agreed not to disclose the sales price.
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