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COSCOL confirms price paid for Guangzhou Ocean Shipping

December 12 - Further to our report from earlier this week, COSCO Shipping Company (COSCOL) has advised that its acquisition of 100 percent of the shares in Guangzhou Ocean Shipping from China Ocean Shipping (Group) Company on December 5, was completed wi

An official statement says of the acquisition that: "In general, it is of great significance for COSCOL to speed up, despite (the) market slump, the realisation of its strategic goal of becoming the greatest competitor of the global specialised shipping market."

The statement adds that the acquisition includes 26 vessels of 486,000 dwt in total. With the acquisition, the fleet of COSCOL specialised cargo ships has been expanded from 69 to 95 ships; with an increase total tonnage from 1.559 million dwt to 2.045 million dwt.

www.coscol.com.cn

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