China Merchants Energy Shipping (CMES) — one of the world's largest VLCC owners — plans to diversify into the red-hot containership sector.
The company said it intends to acquire Sinotrans Container Lines (Sinolines), a subsidiary of China Merchants Group, at a tentative price of CNY 2.02bn ($316m).
The final price will be determined by the State-owned Assets Supervision & Administration Commission of the State Council.
