SITC purchases bulk assets


Shanghai: SITC announced that the company is to purchase target companies’ assets from SITC Shipowning to expand into the dry bulk sector.

Each of the target company, Huangshan Shipping, Taishan Shipping, Huashan Shipping, Lushan Shipping and Zhoushan Shipping is incorporated in Hong Kong, holding a dry bulk vessel as a principal asset.

“The company doesn’t currently have any dry bulk operation, the acquisition will enable the company to expand its fleet to dry bulk vessels and expand the business scope into dry bulk service,” SITC said in a statement.

Currently the dry bulk vessels of the target companies are under charter, SITC will assess the market condition to decide whether to continue the charter or to commerce the company’s own dry bulk operation, the company noted. [02/12/13]

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