Part of the Swire Group and headquartered in Singapore CNCo will acquire the dry bulk shipping businesses of Hamburg Süd which include Rudolf A. Oetker (RAO), Furness Withy Chartering and the bulk activities in Alianca Navegacão (Aliabulk).
Through the acquisition CNCo will takeover a fleet of 45 vessels in the handysize, supramax, ultramax, panamax and kamsarmax sectors. The move will expand its dry bulk fleet established in 2012 which consists of a fleet of over 100 handysize, supramax and ultramax vessels comprising owned, long term and short term-chartered tonnage.
James Woodrow, managing director of CNCo commented: “There are some very natural synergies between the businesses and we are delighted to acquire such an experienced and high-quality team and business that complements our own modern eco fleet and helps to develop our strategic expansion in to the supramax/ultramax segment.”
For Hamburg Süd, which was acquired by Maersk in December 2017, the sale sees it moving to focus on container shipping, although for the time continues to own the tanker business of RAO Tankers.
“With this step, Hamburg Süd is focusing as planned on its liner business with its two container shipping brands, Hamburg Süd and Aliança,” said Arnt Vespermann, ceo of Hamburg Süd. “As part of Maersk, the world’s largest liner shipping company, this clear focus is a logical step.”
Financial details of the deal were not disclosed and it is expected to close by end first quarter 2019, subject to regulatory approvals.