The port company said in a stock exchange statement that it would acquire 79.2% of the shortsea operator for CNY 1.94bn ($312.6m) in cash.

The sellers are Shanghai International Group and Shanghai Jiushi.

In April, SIPG said it was examining the possibility of a deal to build its boxship interests.

Jinjiang has 13 small containerships of between 600 teu and 1,100 teu in domestic and Taiwan Strait trades.

SIPG