CNCo Completes Purchase Of Hamburg Süd’s Dry Bulk Subsidiaries
Hamburg Süd and The China Navigation Company (CNCo), a subsidiary of the Swire Group, have completed the sale of Hamburg Süd’s dry bulk shipping business, which includes Rudolf A. Oetker (RAO) and the bulk activities in Furness Withy (London and Melbourne) and Aliança Navegação e Logística, to CNCo after receiving regulatory approval. The sale was announced in January 2019. The RAO Tankers business unit is not included in the agreement and will remain part of the Hamburg Süd Group.
The affected 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 Dr. 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.”
Calling the acquisition a strategic fit for CNCo, James Woodrow, Managing Director of CNCo, said: “We are delighted to receive regulatory approval and to welcome on board a very talented and highly experienced team. 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.”