Greater ChinaTankers

China Shipping Development takes stake in Sanding Oil Shipping

China Shipping Development (CSD), which will soon be renamed to Cosco Shipping Energy Transportation, has announced that it has entered an agreement with Guangzhou Zhenhua Shipping for the acquisition of 43% equity in Shenzhen Sanding Oil Shipping & Trade.

The total value of the transaction is RMB258.2m ($38.1m) and will take CSD’s holding in Sanding Oil Shipping to 51%.

CSD said the acquisition will further enhance its shipping capability and strengthen its partnership with CNOOC.

Shenzhen Sanding Oil Shipping mainly operates within the oil and chemical shipping business in the domestic coastal market with two self-owned panamax tankers.

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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