Mester Commercial News Feed

The China Navigation to separate out its Swire Bulk dry bulk shipping activities

CNCo will separate out its dry bulk shipping activities from its liner shipping and fleet management business and establish Swire Bulk as a standalone privately held company head-quartered in Singapore.

CNCo established Swire Bulk as a division of the Company in 2012 and has grown the business rapidly over the last eight years. Following the acquisition of Hamburg Sud Tramp from Maersk Line in 2019, Swire Bulk has become the largest part of CNCo’s business, operating a fleet of up to 150 vessels predominantly in the Handysize and Supra/Ultramax sectors. With firm commitments out to 2038, a diversified cargo base and a balanced vessel operating mix between owned & chartered tonnage, an independent Swire Bulk is well-placed to be a long-term partner of choice for its customers.

Swire Bulk operates one of the youngest and most fuel-efficient fleets on the water and is well-positioned to out-perform the market. Swire Bulk’s fleet will grow in the coming years with the addition of 8 new-build Handysize Oshima 37,000dwt vessels to be delivered from Q4 2020.

It is the right time to establish Swire Bulk as an independent entity in order to provide the business with the optimal platform to support its growth ambitions and cement its position as a provider of market leading freight solutions.