Shanghai International Port Group (SIPG) has expanded its presence in the shipowning sector, having acquired 20% equity of Shanghai PanAsia Shipping, a subsidiary of Cosco Group for RMB854m ($127.5m).
The acquisition comes after Shanghai PanAsia Shipping listed 20% equity for sale on the Shanghai United Equity Exchange in November last year.
Shanghai PanAsia Shipping mainly operates in domestic container shipping and Sino-Japan routesshipping services. According to its website, it operates over 500 ships with total capacity of over 400,000 teu. The company is now developing itself into an integrated logistics service provider.
Currently, SIPG fully controls two shipping units Shanghai Hai Hua Shipping and Shanghai Jin Jiang Shipping. SIPG also partnered with Cosco in the acquisition of Hong Kong’s OOIL and currently holds 9.9% shares of OOIL.