COSCO Shipping Energy (CSE) is advancing its strategic expansion into the chemical and liquefied petroleum gas (LPG) logistics supply chain through a significant acquisition. CSE will invest approximately 1.261 billion RMB via its newly established wholly-owned subsidiary, acquiring multiple assets and equity stakes in several affiliated companies. This marks a major step in strengthening our position in the hazardous chemical and LPG transportation sectors, reports xindemarinenews.
As part of this acquisition, CSE will acquire:
– A 70% equity stake in Shenzhen COSCO Longpeng LPG Shipping Co., Ltd., which operates six LPG vessels and has access to the Taiwan Straits shipping routes.
– An 87% stake in Hainan Zhaogang Shipping Co., Ltd., a key player in LPG transportation and port services.
– Two LPG vessels, “Jinguiyuan” and “Mudanyuan,” which were built in 2023 and are currently operational.
– 100% equity in COSCO Chemical Shipping (Shanghai) Co., Ltd. and COSCO Shipping Hong Kong, both experts in the transportation of bulk chemicals.
This acquisition is a crucial move for CSE, allowing us to expand from their traditional oil and gas transport services into chemical and hazardous materials transportation.
This acquisition not only strengthens their operational efficiency but also positions us as a key player in the hazardous chemical and LPG logistics market. We look forward to continuing our growth and delivering long-term value to our shareholders.
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Source: Xindemarine
