SHIPPING giant Hamburg Süd has announced it has closed the sale of its dry bulk subsidiaries to The China Navigation Company.
The transfer of the businesses Rudolf A. Oetker and the bulk activities in Furness Withy (Melbourne and London) and Aliança Navegação e Logística was announced in January but still required regulatory approval.
CNCo is itself a subsidiary of Swire Group while Hamburg Süd is owned by Maersk.
The subsidiary businesses have offices in Hamburg, London, Melbourne and Rio de Janeiro and manage a chartered fleet of about 45 vessels in the handysize, supramax/ultramax and Kamsarmax/Panamax classes.
In a statement, CNCo said it planned to keep offices and staff.
Hamburg Süd chief executive Dr Arnt Vespermann said the decision would allow them to focus on container shipping.
“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,” Dr Vespermann said.
“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.”
CNCO managing director James Woodrow said the move was “a strategic fit”.
“We are delighted to receive regulatory approval and to welcome onboard, a very talented and highly-experienced team,” Mr Woodrow said.
“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.” The RAO Tankers business unit is not included in the agreement and remain part of Hamburg Süd.
