Chinese state-run shipping company Shandong Shipping has announced a plan to acquire a 70% stake in Shandong Aitong Haifeng International Logistics.
Shandong Shipping will acquire 65% shares of the company from Japanese logistics company Itochu Logistics and the other 5% from Japanese warehousing company Yamate Reizo.
Shandong Aitong Haifeng is a cold chain logistics company, jointly invested by Itochu Logistics, Yamate Reizo and Chinese containership operator SITC.
Following the completion of the transaction, Shandong Aitong Haifeng will become a joint venture between Shandong Shipping and SITC.
Shandong Shipping currently operates a fleet of 28 vessels, comprising of 12 bulkers, 7 oil tankers and 9 LPG vessels.