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Hamburg Süd closes sale of dry bulk business to China Navigation

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Hamburg Süd has closed the sale of its dry bulk business to China Navigation Company (CNCo, 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 and Aliança Navegação e Logística to CNCo. The sale was announced in January this year.

Read more: China Navigation acquiring dry bulk businesses of Hamburg Süd

The 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,” said Arnt Vespermann, ceo of Hamburg Süd.

“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.”

“The natural synergies between the businesses, skills and expertise of the new teams will complement those we have at CNCo. This will in turn help to develop our strategic expansion in the larger segments,” James Woodrow, managing director of CNCo. “The acquisition is a strategic fit for CNCo.”

The RAO Tankers business unit is not included in the agreement and will remain part of the Hamburg Süd Group.

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