Shanghai: China Shipping Development (CSD) announced that its fully controlled subsidiary China Shipping Tanker (CST) has signed an agreement with Sinochem International Corporation for the acquisition of 20% equity in Shanghai Beihai Shipping for a price of RMB830m.
Shanghai Beihai Shipping mainly provides petrochemical shipping service between domestic coastal ports and Yangtze River ports. It currently operates 8 owned tankers and 4 chartered tankers.
CSD said the acquisition will further increase the company’s market share in the domestic shipping market and strengthen its strategic ties with CNOOC. [23/06/14]