News Snapshot:
China Merchants Energy Shipping (CMES) said on Friday it would enter the container segment by fully acquiring its affiliate, Sinotrans Container Lines (Sinolines), for $316m. CMES, the second-largest Chinese state-controlled shipping group after China Cosco Shipping Corporation, is currently active in the crude oil tanker and dry bulk segments and in LNG shipping through a joint-venture with Cosco. Both CMES and Sinolines are majority owned by state-owned China Merchants Group, which acquired the Sinotrans group in April 2017, as the Chinese government engineered a streamlining of state-owned enterprises. CMES explained that by entering the container segment, the group’s shipping portfolio...
