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Hubline to purchase remainder of dry bulk subsidiary

Kuala Lumpur: Malaysia-based shipping company Hubline has announced that it is to purchase the remaining 49.77% stake in Highline Shipping, which will make the latter a wholly-owned subsidiary of the container shipper. Highline owns a fleet of 17 dry bulk vessels, with another six vessels under construction. The acquisition, valued at $31.2m, comes at a time when the dry bulk market is particularly strong. The funds for the purchase will be raised through the issue of 158.6m shares in Hubline.

Hubline itself operates a fleet of 23 vessels with a total carrying capacity of over 12,000teu that serve major ports in China, Hong Kong, Korea, Myammar, the Indian sub-continent, Cambodia, Japan, Indonesia, Australia and Philippines.  [02/10/07]

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