China Merchants acquires Hanjin stake in Zhejiang Eastern Shipyard

China Merchants acquires Hanjin stake in Zhejiang Eastern Shipyard

China Merchants Group has acquired a 34% stake of Zhejiang Eastern Shipyard (ZESCO) in a court-led auction for RMB171m ($26.8m).

The equity was owned by bankrupt South Korean company Hanjin Shipping.

Following the completion of deal, China Merchants will hold 54% stake in ZESCO and become the controlling shareholder of the yard.

ZESCO was originally established in 2007 by Hanjin Shipping and Qingdao Shunhe Shipping as a 50/50 joint venture, mainly offering ship repair and conversion.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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