Paul Hastings LLP advised COSCO SHIPPING Development Co. on the deal.
COSCO SHIPPING Development Co., Ltd. (Stock Code: 2866.HK and 601866.SH) (“COSCO SHIPPING Development”) announced its acquisition of 16 bulk carriers under construction from indirect wholly-owned subsidiaries of COSCO SHIPPING Bulk Co., Ltd. (“COSCO SHIPPING Bulk”) for approximately US$327 million through assignment and novation agreements. Upon delivery, the bulk carriers will subsequently be leased to COSCO SHIPPING Bulk and its subsidiaries.
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. COSCO SHIPPING Bulk is principally engaged in dry bulk shipping, semi-liner dry bulk shipping, whole-process logistics services, parcel cargo shipping services and coastal shipping services.
The Paul Hastings team was led by Raymond Li (Picture), global partner and chair of Greater China, and corporate partner Bonnie Kong, with support from associate Andy Tam and trainee solicitor Beatrice Wun.
Law Firms: Paul Hastings;
Clients: COSCO SHIPPING Development Co., Ltd.;