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CNCo completes takeover of Hamburg Süd’s bulk business

Hamburg Süd and the China Navigation Company (CNCo), a subsidiary of the Swire Group, have completed the sale of Hamburg Süd’s dry bulk shipping business, which includes Rudolf A. Oetker (RAO) and the bulk activities in Furness Withy and Aliança Navegação e Logística, to CNCo after receiving regulatory approval. The sale was announced in January 2019.

The RAO Tankers business unit was not included in the agreement and will remain part of the Hamburg Süd Group.

The 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 said it 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.”

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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