Coscol snaps up sister

Heavy-lift specialist Cosco Shipping Co (Coscol) has bought sister company Guangzhou Ocean Shipping, adding more than 100 ships to its fleet.

The Shanghai-listed unit of state-owned Cosco already has nearly 100 vessels itself, including ro-ro, MPP, general cargo and car carrier tonnage.

It said it was paying CNY 1.095bn ($176m) in cash for a 100% stake in Guangzhou Ocean.

Coscol added the deal would help it compete on an international level.

Guangzhou Ocean was established in 1961 and operates semi-submersible vessels, heavy-lifters, MPPs, bulkers and general cargoships, reefers, ro-ros and car carriers.