Grand China Logistics Holdings, a subsidiary of Hainan Airlines Group, will buy five container vessels from Shandong Province Yantai International Marine Shipping Company (SYMS). This move, according to Jia Hongxiang, president of the former, is instead of an overall acquisition.
Grand China Logistics, together with other logistics units of Hainan Airlines, provides one-stop logistics services on the land, both at the sea and in the air. The service networks and employees of the ships will be absorbed into newly founded Grand China Shipping (Yantai).
Grand China Logistics has issued a ship purchase announcement, but disclosed no purchasing price. The ships, to be renamed, will be for short sea services such as the routes between China and Japan.
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Source: Trading Markets
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