Greater ChinaTankers
China Shipping Development takes stake in Sanding Oil Shipping
China Shipping Development (CSD), which will soon be renamed to Cosco Shipping Energy Transportation, has announced that it has entered an agreement with Guangzhou Zhenhua Shipping for the acquisition of 43% equity in Shenzhen Sanding Oil Shipping & Trade.
The total value of the transaction is RMB258.2m ($38.1m) and will take CSD’s holding in Sanding Oil Shipping to 51%.
CSD said the acquisition will further enhance its shipping capability and strengthen its partnership with CNOOC.
Shenzhen Sanding Oil Shipping mainly operates within the oil and chemical shipping business in the domestic coastal market with two self-owned panamax tankers.