Swire Group subsidiary, the China Navigation Company (CNCo) in Singapore, has completed the acquisition of Hamburg Süd’s bulk shipping business, after receiving regulatory approval.

As part of the deal, CNCo acquired Rudolf A Oetker (RAO) and the bulk activities in Furness Withy (London and Melbourne) and Aliança Navegação e Logística.

The sale, which was announced in January, excluded the RAO Tankers business unit that will remain part of the Hamburg Süd Group.

Hamburg Süd CEO Dr Arnt Vespermann said: “With this strategic step, Hamburg Süd, as part of the Maersk family, will now be focusing on the container shipping business.

“At the same time, we are pleased to have found China Navigation to be the new, perfectly matching owner of our former dry-bulk operations.”

Hamburg Süd said that the bulk shipping business operates from Hamburg, London, Melbourne, and Rio de Janeiro. It has a chartered fleet of around 45 vessels in the handysize, supramax / ultramax and kamsarmax / panamax segments.

“This will in turn help to develop our strategic expansion in the larger segments.”

Under the terms of the agreement, the offices and staff will be retained by CNCo.

China Navigation Company managing director James Woodrow said: “We are delighted to receive regulatory approval and to welcome onboard a very talented and highly experienced team.

“The natural synergies between the businesses, skills and expertise of the new teams will complement those we have at CNCo. This will in turn help to develop our strategic expansion in the larger segments.”

The parties did not disclose the deal value.

CNCo owns and operates about 135 vessels comprising dry bulk carriers and multipurpose liner vessels.