CST acquires 20 percent equity in Beihai Shipping

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]

RELATED STORY:
China Shipping Tanker moves for stake in Shanghai Beihai Shipping
 

Related Posts