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China Merchants Energy Shipping acquiring dry bulk and LNG vessels from Sinotrans

China Merchants Energy Shipping acquiring dry bulk and LNG vessels from Sinotrans

China Merchants Energy Shipping plans to acquire the equity from several companies under Sinotrans Shipping as part of a consolidation of shipping assets.

According to the announcement, China Merchants Energy Shipping will purchase dry bulk ships and LNG carriers from China Merchants Sinotrans Shipping at the cost of RMB6.57bn($954m).

The acquisition will be funded by internal capital and overseas loans.

The ship under the deal include nine capesize bulkers, 11 panamax bulkers, 21 handysize bulkers and 25.5% equity interest in five Yamal LNG carriers.

The deal will greatly expand the dry bulk fleet controlled by China Merchants Energy, and will increase the benefits from LNG sector, said the company.

In 2015, China’s Assets Supervision and Administration Commission of the State Council (SASAC) approved the reorganization between China Merchants Group and Sinotrans&CSC. The two parties had been consolidating the assets since then.

 

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