HNA-affiliated Tianhai Investment, formerly Tianjin Marine, has announced that it plans to sell 100% equity shares in its shipping subsidiary Tianjin Jinhai Shipping, to another HNA-affiliate company Haihang Shipping, a subsidiary of Grand China Logistics.
Tianhai Investment said the disposal is to get rid of the loss-making assets and optimise the company’s operations.
In February, Tianhai Investment entered into a merger agreement with Ingram Micro under which Tianhai Investment has acquired full equity in US technology and supply chain company Ingram Micro for $6bn.
Adam Tan, ceo of HNA Group, said the transaction would help HNA Group transform from a logistics operator to a supply chain operator.
As the doldrums in the shipping sector continues, some Chinese private shipping companies have exited the market this year. Dry bulk shipping company Zhongchang Marine has transformed into an IT company with a major focus on big data, while China Shipping Haisheng, which went private last year, also sold its entire shipping assets to Cosco Shipping Bulk and now focuses on medical care.
