• 2019 September 20 16:35

    COSCO SHIPPING Ports announces disposal of interest in various port assets and possible disposal of Taicang Terminal and Jiangsu Petrochemical Terminal

    COSCO SHIPPING Ports Limited, a leading ports operator in the world, announced on 18 Sep-tember 2019, the Company (as seller) entered into the Longtan Share Purchase Agreement, Yuanyang Share Purchase Agreement and Zhangjiagang Share Purchase Agreement with SIPG (HK) (as purchaser), in relation to the sale and purchase of the Company’s indirect interests in Nanjing Longtan Terminal (via Longtan SPV), Yangzhou Yuanyang Terminal (via Yuanyang SPV and Zhang-jiagang SPV) and Zhangjiagang Terminal (via Zhangjiagang SPV), respectively.

    It is estimated that the Company would get around RMB 2.32 billion, including aggregated consideration under the Share Purchase Agreements of approximately RMB10.6 billion (equivalent to approximately HK$11.8 bil-lion). As at 31 August 2019 and an outstanding amount of approximately RMB 1.26 billion of paya-bles owing to the Company and its associates.

    The disposal of interest in various port assets is our response to industrial development and changes in the region. The profit and throughput contribution from Nanjing Longtan Terminal, Yangzhou Yuanyang Terminal and Zhangjiagang Terminal is com-paratively small. The Company will continue to optimize the terminal portfolio in Yangtze Delta, strengthen the development of Nantong Tonghai Terminal and CSP Wuhan Terminal and continue to develop hub port in the Yangtze Delta region.

    After completion of the Share Purchase Agreements, the Company will cease to own any interest in any of the Target Companies, Nanjing Longtan Terminal, Yangzhou Yuanyang Terminal and Zhang-jiagang Terminal. Each of Longtan SPV, Yuanyang SPV, Zhangjiagang SPV, Yangzhou Yuanyang Termi-nal and Zhangjiagang Terminal will cease to be a subsidiary of the Company following the Transactions and Nanjing Longtan Terminal will cease to be an associate of the Company.

    Pursuant to the Longtan Share Purchase Agreement, the Company agreed to sell and the Purchaser agreed to purchase the Longtan Sale Shares, representing 100% of the total issued share capital of Longtan SPV. The consideration for the sale and purchase of the Longtan Sale Shares pursuant to the Longtan Share Purchase Agreement is approximately RMB367,306,000 (equivalent to approximately HK$406,607,000).

    As at 31 August 2019, Longtan SPV and Nanjing Longtan Terminal together have an outstanding amount of approximately US$27,000,000 (equivalent to approximately HK$214,000,000) of payables owing to the Company and its associates. 2 Pursuant to the Yuanyang Share Purchase Agreement, the Company agreed to sell and the Purchaser agreed to purchase the Yuanyang Sale Shares, representing 100% of the total issued share capital of Yuanyang SPV.

    The consideration for the sale and purchase of the Yuanyang Sale Shares pursuant to the Yuanyang Share Purchase Agreement is approximately RMB316,039,000 (equivalent to approx-imately HK$349,855,000). As at 31 August 2019, COSCO SHIPPING Ports Investments (Shanghai) Co. Ltd. and COSCO SHIPPING Ports Development Co., Limited, both being wholly-owned subsidiaries of the Company, and COSCO SHIPPING Finance Co., Ltd., being a subsidiary of COSCO SHIPPING, have provided Yangzhou Yuanyang Terminal the Yuanyang Loan with a total outstanding amount of RMB835,5 00,000 (equivalent to approximately HK$925,000,000).

    In addition, Yuanyang SPV and Yangzhou Yuanyang Terminal together have an outstanding amount of approximately US$26,000,000 (equivalent to approximately HK$201,000,000) of payables owing to the Company and its associates as at 31 August 2019.Pursuant to the Zhangjiagang Share Purchase Agreement, the Company agreed to sell and the Pur-chaser agreed to purchase the Zhangjiagang Sale Shares, representing 100% of the total issued share capital of Zhangjiagang SPV. The consideration for the sale and purchase of the Zhangjiagang Sale Shares pursuant to the Zhangjiagang Share Purchase Agreement is approximately RMB380,774,000 (equivalent to approximately HK$421,517,000).

    As at 31 August 2019, Zhangjiagang SPV and Zhang-jiagang Terminal together have an outstanding amount of approximately US$7,000,000 (equivalent to approximately HK$56,000,000) of payables owing to the Company or its associates.In addition, the Board would like to further announce that the Company also intends to dispose all of the Company’s indirect interests in Taicang Terminal and Jiangsu Petrochemical Terminal. As at 18September, no agreement has been entered into by the Group in relation to such disposals.

    About COSCO SHIPPING Ports

    COSCO SHIPPING Ports Limited is a leading ports operator in the world; its terminal portfolio covers the five main port regions in Mainland China, Southeast Asia, Middle East, Europe, South America and the Mediterranean Sea. As at 30 June 2019, CSP operated and managed 288 berths at 37 ports worldwide, of which 197 were for containers, with a combined annual handling capacity of 110 million TEU. The controlling shareholder of COSCO SHIPPING Ports is COSCO SHIPPING Holdings Co., Ltd. and its ultimate parent company, China COSCO Shipping Corporation Limited is the largest integrated shipping enterprise in the world.




2019 October 16

18:37 Damen partners with TCS for increased vessel connectivity
18:07 AET christens two of the world's first LNG dual-fuel DPSTs to be chartered out to Norway's Equinor
17:35 PSA Marine signs frame agreement with Hydroniq Coolers
17:22 MODEC awarded Letter of Intent by Petrobras related to Marlim 1 FPSO
16:57 Throughput of port Kaliningrad in Jan-Sep’2019 fell by 21% Y-o-Y to 8.45 million tonnes
16:22 Throughput of port Vysotsk in Jan-Sep'2019 climbed by 4% Y-o-Y to 14.27 million tonnes
16:22 IBM boards the Mayflower Autonomous Ship project
15:58 Patrol ship of RF Navy’s Black Sea Fleet to take part in events dedicated to anniversary of Navarino battle
15:35 Navios Maritime Partners announces repayment of its Term Loan B
15:19 Throughput of port Primorsk in Jan-Sep’2019 grew by 18% Y-o-Y to 46.93 million tonnes
14:53 Port of Ust-Luga handled 77.49 million tonnes in 9M’19, up 7% Y-o-Y
14:34 NEPTUN WERFT holds keel laying ceremony for AIDAcosma
14:06 Throughput of Port St. Petersburg in Jan-Sep'2019 grew by 2% Y-o-Y to 44.97 million tonnes
13:45 Zvezda shipyard lays down fourth Aframax tanker for Rosnefteflot
13:20 Carnival Cruise Line to add fourth ship in Galveston
12:12 Hapag-Lloyd to apply a Peak Season Surcharge from North Europe to East Asia
11:51 WMU and AHHIC cooperate on marine insurance
11:33 Gazprom Neft establishes a Singapore subsidiary company to develop its international marine lubricants business
11:20 Intensive training on port management and efficiency held in France
10:57 IMO visited United Kingdom to assess country's implementation of special maritime security measures
10:14 LUKOIL enters Ghasha project for extraction of hydrocarbons in UAE
10:01 MPA of Singapore to strengthen collaboration on cyber resilience and response at the 5th Port Authorities Roundtable
09:59 APM Terminals Gothenburg to double rail volumes by 2022
09:52 Brent Crude futures price is up 0.19% to $58.85, Light Sweet Crude – up 0.13% to $52.88
09:36 Baltic Dry Index is down to 1,898 points
09:18 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
08:43 Award-winning yachts honored at Cannes - Azimut, Benetti, and Galeon
08:35 MABUX: Bunker Market this morning, Oct 16

2019 October 15

18:37 MOL conducts tabletop drill based on an incident simulation involving containership
18:07 Fincantieri announces delivery of the fourth Royal Princess class ship at the Monfalcone shipyard
17:55 Tatarstan and Gazprom sign action plan for implementation of pilot project on using LNG powered ships
17:36 Keppel delivers fourth jackup rig to Borr Drilling
17:06 Maritime and Port Authority of Singapore revokes Inter-Pacific Petroleum Pte Ltd’s bunker craft operator licence
16:49 Hudson Shipping Lines joins the Trident Alliance as a member
16:26 PGNiG: a new oil and gas discovery in the Norwegian Sea
15:32 Port of Kiel announces conclusion of cruise season with turnover of cruise passengers having grown by 33.6% YoY
15:04 TechnipFMC awarded subsea contract for PetroVietnam Gas’ Nam Con Son 2 Phase 2 Gas pipeline development in Vietnam
14:35 Deltamarin provides RMC with design services for the Tallink ferry project
14:31 Port of HaminaKotka and Steveco jointly constructed pulp terminal in Kotka’s Mussalo Harbour
13:57 Shore power to improve air quality and reduce noise in Port and City of Tallinn
13:20 “Wind Barriers at the Freeport of Riga” project receives Annual Riga Architecture Award
12:54 Krasnoye Sormovo delivers Pola Pelagia, yet another dry cargo carrier of Project RSD59
12:18 Bunker prices are flat at the Far East ports of Russia (graph)
11:55 Khabarovsk Shipyard launched pontoon dock gate for city protection against floods
11:09 Amendments to IMO's Ballast Water Management Convention enter into force on 13 October 2019
10:56 Trade Port Posiet handled 4.4 million tonnes of cargo in 9M’2019, up 4% YoY
10:37 World Maritime University delivered its Maritime Business Integrity and Corruption Awareness Seminar
10:09 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
09:38 Brent Crude futures price is down 0.76% to $58.9, Light Sweet Crude – down 0.67% to $53.23
09:32 MABUX: Bunker market this morning, Oct 15
09:22 Baltic Dry Index is down to 1,916 points
09:14 Jan De Nul helps to boost Mauritania’s iron ore export
08:59 CMA CGM announces FAK rates from Asia to North Africa

2019 October 14

18:06 Neptune Energy acquires North Sea assets from Energean
17:57 Rosatom set to have its plan for development of NSR infrastructure till 2035 to be approved by RF Gov't before year end
17:35 2020 Bulkers enters into a time charter agreement for Bulk Shanghai
17:21 Bronka port to handle cargo of up to 500 tonnes
17:05 CMA CGM announces FAK rates from Asia to the Mediterranean
16:50 Names given to first two super trawlers of Russian Fishery Company
16:35 Sasol invests in first South African-owned chemical tanker through Nduna Maritime