China Navigation Company (CNCo) has closed its purchase of Hamburg Sud's bulker operations after receiving regulatory approval.
The deal includes Rudolf A Oetker (RAO) and the bulker activities of Furness Withy and Alianca Navegacao e Logistica.
The sale was announced in January.
The RAO Tankers business unit is not included in the agreement and will remain part of the Hamburg Sud Group for now. A sale is likely in the future, TradeWinds has previously reported.
CNCo is taking over offices in Hamburg, London, Melbourne and Rio de Janeiro and a chartered fleet of approximately 45 vessels in the handysize, supramax/ultramax and kamsarmax/panamax segments.
It plans to keep the offices and staff.
“With this strategic step, Hamburg Sud – as part of the Maersk family – will now be focusing on the container shipping business,” said Arnt Vespermann, CEO of Hamburg Sud.
“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.
Perfect fit
"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, its managing director, said: “We are delighted to receive regulatory approval and to welcome onboard a very talented and highly-experienced team.
"The natural synergies between the businesses, the 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.”
CNCo is part of the Swire Group and owns and operates about 135 ships, of which most are bulk carriers and multipurpose liner vessels.
When Maersk Line took control of boxship specialist Hamburg Sud from the Oetker family in 2017, it had no interest in the other segments.
