China Navigation Company buys Hamburg Süd’s dry bulk business

The China Navigation Company (CNCo), a subsidiary of the Swire Group, has completed the purchase of Hamburg Süd’s dry bulk shipping business. The deal includes the acquisition of Rudolf A Oetker (RAO) and the bulk activities in Furness Withy (London and Melbourne), and Aliança Navegação e Logística. However, the RAO Tankers business unit was not included in the sale and will continue to operate within the Hamburg Süd Group.

The dry bulk business acquired by CNCo has offices in Hamburg, London, Melbourne, and Rio de Janeiro, which China Navigation Company intends to keep along with the current staff. It has a fleet of 45 chartered vessels in the handysize, Supramax/Ultramax, and Kamsarmax/Panamax segments.

“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.

The announcement of the sale came in January; however, the acquisition received regulatory approval more recently.

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