News

COSCO SHIPPING Development to Acquire Ten 62,000 DWT Multi-Purpose Vessels for US$180 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 proposed acquisition of ten 62,000 DWT multi-purpose vessels through assignment and novation of shipbuilding contracts and new shipbuilding contracts for approximately US$180 million. The ten multi-purpose vessels will be chartered to COSCO SHIPPING Specialized Carriers Co., Ltd. (Stock Code: 600428.SH) and its subsidiaries upon delivery.

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.

Paul Hastings previously represented COSCO SHIPPING Development in various transactions, including its recent

,

its repurchase of A shares and H shares for up to RMB300 million

 in 2019 and 

the merger

 between CS Finance, a non-wholly owned subsidiary of COSCO SHIPPING Development, and COSCO Finance in 2018.

The Paul Hastings team was led by 

, global partner and chair of Greater China, and corporate partner

Bonnie Kong

, with support from associate

Andy Tam

and trainee solicitor Beatrice Wun.

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.