Port machinery manufacturer Shanghai Zhenhua Heavy Industries (ZPMC) has announced a plan to acquire 50% of Greenland Heavylift Holdings (Hong Kong) for $63.5m.
Greenland Heavylift Holdings (Hong Kong) is a new shipowning entity established by GPO Heavylift and will own four single vessel companies, the four 65,000 dwt heavy lift vessels currently on order at Taiwan’s CSBC Corporation. Two of the vessels are set to be delivered this year.
ZPMC has the option to increase its stake in Greenland to 51%.
ZPMC believes the equity investment will bring substantial new growth to the company’s shipping operations.
