COSCO SHIPPING Development to Acquire Ten 62,000 DWT Multi-Purpose Vessels for US$180 Million

November 04, 2020

Hong Kong – Paul Hastings, a leading global law firm, announced today that it has advised COSCO SHIPPING Development Co., Ltd. (Stock Code: 2866.HK and 601866.SH) (“COSCO SHIPPING Development”) on its proposed acquisition of ten 62,000 DWT multi-purpose vessels through assignment and novation of shipbuilding contracts and new shipbuilding contracts for approximately US$180 million. The ten multi-purpose vessels will be chartered to COSCO SHIPPING Specialized Carriers Co., Ltd. (Stock Code: 600428.SH) and its subsidiaries upon delivery.

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.

Paul Hastings previously represented COSCO SHIPPING Development in various transactions, including its recent sale of A shares and H shares of CIMC for RMB6.34 billion, its repurchase of A shares and H shares for up to RMB300 million in 2019 and the merger between CS Finance, a non-wholly owned subsidiary of COSCO SHIPPING Development, and COSCO Finance in 2018.

The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, and corporate partner Bonnie Kong, with support from associate Andy Tam and trainee solicitor Beatrice Wun.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.