CNCo Acquires of Hamburg Süd Units

German container shipping line Hamburg Süd and The China Navigation Company (CNCo) have completed the sale of Hamburg Süd’s dry bulk shipping business to CNCo after receiving regulatory approval.

Earlier in January, Hamburg Süd announced that it is selling its 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 Singapore’s CNCo, part of the Swire Group,  as it focusses on its liner business with its two container shipping brands, Hamburg Süd and Aliança.

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,” Arnt added.

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.”