SIPG moves step closer to $312.5m takeover of Jinjiang Shipping

SIPG moves step closer to $312.5m takeover of Jinjiang Shipping

Shanghai: Giant port operator Shanghai International Port (Group) (SIPG) will move ahead with plans to buy 79.2% of intra-Asia box player Shanghai Jinjiang Shipping for up to RMB1.94bn ($312.5m). SIPG has been carrying out due diligence on the line since April.

Jinjiang focuses on East Asian trade and has 12 ships ranging in size from 764 teu to 1,098 teu. SIPG already owns one containerline, Shanghai Hai Hua Shipping (HASCO), which runs a fleet of seven boxships, with six vessels under construction.

Sources at SIPG said the move to buy Jinjiang was to firm up its throughput and boost transhipment at Shanghai, the world’s largest container port.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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