Sinotrans Shipping buying out assets of sister firms

Hong Kong: The ongoing consolidation and shuffling of assets at Sinotrans & CSC continues. Sinotrans Shipping announced yesterday plans to take on four boxships and two multipurpose (MPP) ships from Sinotrans Limited and Sinotrans & CSC Holdings respectively for a total of $135.5m.

The boxships are one year old 1,100 teu-class vessels while the MPPs are more than 20 years old.

Also mentioned in the release, the deal includes non-vessel stake acquisitions including taking 49% of Sinotrans Container Lines Group owned by Sinotrans Limited, 100% of Sinotrans Tianze and 49% of Sinochart Group, both owned by Sinotrans & CSC Holdings.

Sinotrans merged with CSC more than four years ago, however, the merger has been very difficult to smooth out. [26/03/14]

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