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SYMS offloads box ships to Grand China

SYMS offloads box ships to Grand China

Tianjin: Shandong Yantai Marine Shipping Co (SYMS), the struggling north Chinese operator, will sell five box ships to fast emerging Grand China Logistics. This is instead of the earlier mooted plan for Grand China to buy out debt laden SYMS. Grand China, part of the Hainan Airlines group, is buying up regional shipping firms fast in order to be a major China player within the next four years. It bought Tianjin Marine Shipping at the start of this year. SYMS now has debts of over 800m RMB. 

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