China Navigation Company (CNCo), a subsidiary of the Swire group, has acquired Polynesia Line Ltd. (Poly). Financial details of the transaction have not been disclosed.
Polynesia Line Ltd., established in 1967, provides ocean transportation services between the west coast of USA and Tahiti, American Samoa, Western Samoa and other Pacific Islands, and also owns a 50% interest in Polynesia Shipping Services (Pago Pago) and Samoa Maritime Services (Apia). 'We have tremendous confidence in Polynesia Line's position as the premier USA West Coast to the Pacific Islands shipping service," said Tim Blackburn, Managing Director of CNCo.
(CNCo) owns and manages a sizeable deep-sea fleet of multi-purpose, container and bulk vessels and has an extensive network of liner, bulk, logistics and shipping agency businesses around the Pacific Rim. It is the wholly owned, deep-sea ship owning and operating arm of the Swire group. CNCo was founded in 1872 in Shanghai and started its operations trading on China's Yangtze river.
Oaklins' team in Seattle advised the seller in this transaction.
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