Grand China Logistics Holdings, a subsidiary of Hainan Airlines Group, will not acquire the businesses of Shandong Yantai Int’l Marine Shipping (SYMS). This was confirmed by Jia Hongxiang, president of the logistics company. But it will purchase five container vessels.
Grand China Logistics said it planned to buy five container vessels from SYMS, which owed as much as much as RMB800 million.
Jia Hongxiang declined to reveal the price of the five ships but expressed that the company would take over undertake all the debt of the ships.
The ships, which will be renamed, will be put under Grand China Shipping for short sea services such as the service between China and Japan.
Source: Trading Markets
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