Singapore-listed Cosco Shipping International (Singapore) has concluded a deal to sell a 60% stake in dry-bulk arm Cosco Shipping (Singapore) to a Hong Kong subsidiary of Cosco Shipping Bulk.
Cosco (HK) Shipping has paid $42.39m for its majority stake in Cosco Shipping (Singapore), which operates a fleet of three supramax bulkers with an average age of about 16 years.
When Cosco Shipping International (Singapore) first revealed its proposed partial disposal of Cosco Shipping (Singapore) in early December, it said that the sale was part of a strategic decision to streamline its conglomerate structure to increase focus on its core logistics business.
