COSCO SHIPPING Development to Acquire 16 Bulk Carriers for US$327 Million
Hong Kong – Paul Hastings, a leading global law firm, announced today that it has advised COSCO SHIPPING Development Co., Ltd. (Stock Code: 2866.HK and 601866.SH) (“COSCO SHIPPING Development”) on its acquisition of 16 bulk carriers under construction from indirect wholly-owned subsidiaries of COSCO SHIPPING Bulk Co., Ltd. (“COSCO SHIPPING Bulk”) for approximately US$327 million through assignment and novation agreements. Upon delivery, the bulk carriers will subsequently be leased to COSCO SHIPPING Bulk and its subsidiaries.
The Hong Kong and Shanghai-listed COSCO SHIPPING Development is principally engaged in shipping and industry-related leasing businesses, manufacturing of containers and provision of investment and financial services. COSCO SHIPPING Bulk is principally engaged in dry bulk shipping, semi-liner dry bulk shipping, whole-process logistics services, parcel cargo shipping services and coastal shipping services.
Paul Hastings previously represented COSCO SHIPPING Development in various transactions, including its recent US$4.62 billion leasing service agreement with COSCO SHIPPING Lines, its acquisition of ten multi-purpose vessels for US$180 million and sale of A shares and H shares of CIMC for RMB6.34 billion earlier this year, its repurchase of A shares and H shares for up to RMB300 million in 2019, as well as the merger between CS Finance, a non-wholly owned subsidiary of COSCO SHIPPING Development, and COSCO Finance in 2018.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.