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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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