By Bloomberg News (Bloomberg) -- State-owned conglomerate China Merchants Group is exploring acquisitions of offshore rig operators, which have struggled to recover from a collapse in oil-industry spending, people with knowledge of the matter said. As part of this analysis, the Chinese firm has looked at various assets and companies including Seadrill Ltd. and … [Read more...]
China Merchants Group Joins Race to Buy Baltic Exchange
By Jonathan Saul LONDON, March 16 (Reuters) - State-run conglomerate China Merchants Group has made an informal bid to buy London's Baltic Exchange, becoming the latest contender for the business that has been the hub of the global shipping market for centuries, two sources told Reuters. The approach was made by the group's subsidiary China Merchants Securities, according … [Read more...]
China Merchants in Talks to Acquire Sinotrans & CSC-Caixin
SHANGHAI, Nov 17 (Reuters) - Chinese transport conglomerate China Merchants Group is in talks to acquire logistics group Sinotrans & CSC in the latest deal in the country's state sector, financial magazine Caixin reported late on Monday. The two companies have been locked in reorganization talks, Caixin said, citing sources close to China Merchants. Officials from … [Read more...]
China Merchants to Build 10 Giant Iron Ore Carriers for Vale
Brazilian iron ore miner Vale SA signed a strategic framework agreement with China Merchants Group, a company owned by the PRC, whereby 10 new Very Large Ore Carriers (VLOCs) will be built and placed on a 25-year charter with Vale. This will result in approximately 4 million dwt tons in additional capacity to the global dry bulk shipping sector and be used to transport … [Read more...]
China Merchants, Sinotrans Forming $1.1 Billion Crude Oil Tanker JV
SHANGHAI, Aug 12 (Reuters) - Two of China's largest shipping firms are setting up a $1.1 billion crude oil tanker joint venture with a view to build up the country's fleet, as the world's second-largest oil consumer seeks better control over its oil imports. State-backed firms China Merchants Energy Shipping Co Ltd and Sinotrans & CSC Holdings are forming a very large … [Read more...]
Hastings, China Merchants Pay $1.6 Billion For Australia’s Port of Newcastle
By Swati Pandey SYDNEY, April 30 (Reuters) - Hastings Funds Management and China Merchants Group have won a state government auction for a 98-year lease on Australia's Port of Newcastle, the world's biggest coal export terminal, paying a higher-than-expected A$1.75 billion ($1.6 billion). An initial New South Wales state budget plan had valued the lease on the port … [Read more...]