China Navigation (CNCo) has announced its intention to separate its dry bulk shipping activities from its liner shipping and fleet management business and establish Swire Bulk as a standalone privately held company headquartered in Singapore. Swire Bulk was established as a division of China Navigation in 2012 and has grown the business rapidly over the last eight years. Following the acquisition of Hamburg Sud Tramp from Maersk Line in 2019, Swire Bulk has become the largest part of CNCo’s business, operating a fleet of up to 150 vessels predominantly in the handysize and supra/ultramax sectors. John Swire & Sons Ltd will remain the ultimate parent company for Swire Bulk. The target date for the separation is January 1, 2021.
