China Merchants taking over AVIC Maritime 

China Merchants is taking over AVIC International Holdings buying a 73.87% for SGD31.64m ($22.7m).

“Under the effects of international trade frictions and geopolitics factors, the global demand for new ships has fallen sharply. The shipbuilding industry will continue to face significant challenges in the short term. Therefore, the board decided to gradually withdraw from the shipping business,” AVIC Maritime said in a filing.

AVIC Maritime is incorporated in Singapore and is mainly engaged in shipbuilding project management and consultancy, design,engineering and ship-trading.

Upon completion of the deal, the shipping business of AVIC Maritime will be further downsized and the company will gradually withdraw from the shipping business.

AVIC International Holdings’ shipbuilding arm, AVIC Weihai Shipyard, was acquired by China Merchants in July this year, and officially became the subsidiary of China Merchants Group.

Posted 28 August 2019
Seatrade ShipTech Middle East 2019

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Katherine Si

Author Bio ▼

China Correspondent With extensive experiences in writing, research and social media promotion, China-based Katherine focuses on shipping and transport sectors. She had worked for maritime industry since 2008 and had been well connected with local industry players.

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