Cosco consortium to take major stake in CCCC Dredging

Cosco consortium to take major stake in CCCC Dredging

Cosco Shipping Ports has announced that its subsidiary Shanghai Terminal has proposed to enter into a consortium agreement with Cosco Shipping Tianjin and other investors to acquire up to 40% equity shares in CCCC Dredging via a public tender process.

The total value of the deal is expected be around RMB13.5bn ($1.9bn).

CCCC Dredging is a subsidiary of China Communications Construction Company (CCCC), and is the largest dredging company in the world. The company’s dredging business accounts for approximately 70% of the domestic market share.

Cosco Shipping Ports believes the proposed investment would support the company’s strategy of extending its global footprint to build a global terminal network to serve shipping alliances and is in line with the government’s “Belt and Road” initiative.

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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