China Merchants Acquires Sinotrans Bulkers

Sinotrans Shipping

Shanghai-based China Merchants Energy Shipping (CMES) is acquiring Sinotrans Shipping’s dry bulk carrier fleet as well as a 25.5 percent equity interest in five Arctic-class LNG carriers for $952 million. The Sinotrans vessels include nine Capesize, 11 Panamax-size and 21 handysize bulkers while the five LNG carriers are currently involved in the Yamal LNG transportation project in the Russian Arctic.

The acquisition follows a merger between CMES and compatriot company Sinotrans & CSC Holdings carried out in 2017 and will allow CMES to enter the grain trades using the former Sinotrans Panamax ships.

By Pacific Maritime