Port of Antwerp Plans Namibia Hydrogen Harbor
(Bloomberg) — Port of Antwerp Bruges plans to develop a €250 million ($267 million) hydrogen and ammonia storage and export facility at the Namibian Port of Walvis Bay, together with...
The former rivals said in December they would merge through a series of asset swaps, creating units focused on distinct business areas such as container shipping and vessel leasing.
Together, COSCO and China Shipping control 488 billion yuan ($74.7 billion) worth of assets, Barclays analysts estimated.
After the merger, the resulting, newly established company will be chaired by Xu Lirong, the State-Owned Asset Supervision and Administration Commission said on its official microblog.
The merger comes as the government moves to consolidate state-owned industries.
($1 = 6.5340 yuan) (Reporting by John Ruwitch and Brenda Goh; Editing by Christopher Cushing)
Copyright(c) Copyright Thomson Reuters 2016.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,871 members that receive our newsletter.
Have a news tip? Let us know.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign UpMaritime and offshore news trusted by our 105,871 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up