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
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