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22 January 2022 The on-line newspaper devoted to the world of transports 02:41 GMT+1

December 29, 2021

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At COSCO Shipping Bulk 60% of COSCO's capital Shipping (Singapore)

The Singapore-based company has a fleet of three bulk carrier Supramax

COSCO Shipping International (Singapore) Co., company listed on the Singapore Stock Exchange which is controlled by the group Chinese shipowner China COSCO Shipping Corporation which owns it 53.3% of the capital, sold 60% of the company's capital wholly owned subsidiary COSCO Shipping (Singapore) to COSCO (H.K.) Shipping Co., a company in turn entirely controlled by COSCO Shipping Bulk, an entire company owned by the same group China COSCO Shipping Corporation. The transaction is valued at $42.4 million.

The share capital of COSCO Shipping (Singapore) is now 40% owned by COSCO Shipping International (Singapore) Co. and 60% (52.6 million shares) from COSCO (H.K.) Shipping Co.

COSCO Shipping (Singapore) has a fleet of three bulk carriers Supramax of the median age of 16 years. The Singapore-based company explained that the reduced size of the COSCO Shipping fleet (Singapore) has so far limited its ability to compete effectively in the market and the transaction now allows the company to find the resources and capabilities necessary to develop and expand further.

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