Singapore’s China Navigation Company (CNCo), part of the Swire Group, has reached an agreement with Hamburg Süd to acquire the German owner’s bulk shipping business, including Rudolf A. Oetker, Furness Withy Chartering and the bulk activities within Alianca Navegacão (Aliabulk).
Hamburg Süd’s bulk business has a chartered fleet of around 45 vessels, ranging from handysizes through to panamaxes, and has offices in Hamburg, London, Melbourne and Rio de Janeiro.
James Woodrow, managing director of China Navigation, commented: “CNCo is excited to have successfully signed this acquisition. There are some very natural synergies between the businesses and we are delighted to acquire such an experienced and high-quality team and business that complements our own modern eco fleet and helps to develop our strategic expansion in to the supra/ultramax segment. We share a strong corporate culture with a rich history spanning close to 150 years between Hamburg Sud (1871), The China Navigation Company (1872) and Furness Withy (1891) that demonstrates a shared vision and long-term commitment to the maritime industry.”
The deal its set to be closed before the end of March, and is subject to regulatory approval.
In December 2017, Hamburg Süd was acquired from the Oetker Group by Maersk.