Zhuhai Port Shipping, the shipowning unit of Zhuhai Port Group, has completed the acquisition of 60% equity interest in Guangzhou Yue Gang Ao International Shipping from major domestic container shipping operator Zhonggu Logistics.
Following the acquisition, Zhonggu will hold the remaining 40% interest in Guangzhou Yue Gang Ao International Shipping.
Guangzhou Yue Gang Ao International Shipping was established in 2018 by Zhonggu to focus on the development of the container shipping network between Pearl River and Xijiang River.
Zhuhai Port Shipping believes the deal will strengthen its collaboration with Zhonggu Shipping to jointly develop river container shipping business.
Zhuhai Port Shipping currently operates a fleet of more than 20 river multi-purpose cargo vessels and four coastal bulk carriers. Last year, the company announced a major fleet expansion plan which involves the acquisition of forty 3,500 dwt multipurpose cargo vessels, three 12,000 dwt bulkers, four 22,500 dwt bulkers, two 45,000 dwt bulkers and six tugboats.
Zhonggu Logistics is the largest domestic container shipping operator in China with a fleet of 112 containerships according to Alphaliner.