SIMIC

The estimated purchase price is CNY2 billion (US$312.2 million), reports Colchester's Seatrade Maritime News.

Sinotrans Container Lines is engaged in domestic and international container shipping services. As the end of August 2021, the company has a fleet of 19 self-owned vessels and 13 chartered vessels.

"The acquisition of Sinotrans Container Lines will greatly reduce risks of petrochemical resources' shipping business and expand the service chain into container transportation sector, which will optimise the company's business structure and improve the comprehensive competitiveness," said China Merchants Energy Shipping.

Beijing approved the integration of China Merchants and Sinotrans in 2015. Sinotrans now becomes a wholly-owned subsidiary of China Merchants Group.

Upon the completion of this transaction, China Merchants Energy Shipping will enlarge its business layout covering oil products, bulk cargos, LNG, ro-ro and container transportation.