Hamburg Süd Closes Sale of Dry Bulk Business to CNCo
Illustration; Image Courtesy: Hamburg SudHamburg Süd has wrapped up the sale of its dry bulk subsidiary to China Navigation Company (CNCo), a part of the Swire Group.
Hamburg Süd and CNCo have received regulatory approval and completed the transfer of Rudolf A. Oetker (RAO) and the bulk activities in Furness Withy (London and Melbourne) and Aliança Navegação e Logística to CNCo.
The affected dry bulk shipping units with offices in Hamburg, London, Melbourne and Rio de Janeiro have a chartered fleet of approximately 45 vessels in the Handysize, Supramax/Ultramax and Kamsarmax/Panamax segments. CNCo plans to keep the offices and staff.
“With this strategic step, Hamburg Süd – as part of the Maersk family – will now be focusing on the container shipping business,” Dr. Arnt Vespermann, CEO of Hamburg Süd, said.
“Our bulk business has been an integral part of our company and success for more than six decades, and today we would like to thank our colleagues for everything they have done for the company. At the same time, we are pleased to have found China Navigation to be the new, perfectly matching owner of our former dry-bulk operations.”
Unveiled in January 2019, the transaction did not include the RAO Tankers business, which will remain part of the Hamburg Süd Group.
