Shanghai: Giant port operator Shanghai International Port (Group) (SIPG) will move ahead with plans to buy 79.2% of intra-Asia box player Shanghai Jinjiang Shipping for up to RMB1.94bn ($312.5m). SIPG has been carrying out due diligence on the line since April.
Jinjiang focuses on East Asian trade and has 12 ships ranging in size from 764 teu to 1,098 teu. SIPG already owns one containerline, Shanghai Hai Hua Shipping (HASCO), which runs a fleet of seven boxships, with six vessels under construction.
Sources at SIPG said the move to buy Jinjiang was to firm up its throughput and boost transhipment at Shanghai, the world’s largest container port.