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China Merchants Energy Shipping takes control of Sinotrans Container Lines
The six-year merger process between China Merchants and Sinotrans&CSC took another step on Friday with China Merchants Energy Shipping (CMES) deciding to fold Sinotrans Container Lines into its fleet in a deal worth around $344m.
Sinotrans Container Lines will shift from China Merchants Investment Development to CMES, adding more tonnage to what is already one of the world’s largest shipowners with a massive dry bulk and tanker fleet.
In 2015, China’s Assets Supervision and Administration Commission of the State Council (SASAC) approved the merger between China Merchants Group and Sinotrans&CSC, a process that has taken many years.