CULines acquires another container ship

Cape Marin

China United Lines (CULines) continues to expand its shipping capacity ahead of its plans to list on the Hong Kong Stock Exchange.

The company has reportedly purchased the 2012-built 2,770 TEU Cape Marin for US$52 million. Cape Marin was one of all Schoeller Holdings’ 17 container ships that were sold to China Development Bank Financial Leasing in a US$142 million refinancing deal last December. Since then, as asset values continue to appreciate, Schoeller has sold several of those vessels for a profit.

Majority owned by the Chinese government, CULines started out as an NVOCC, before starting intra-Asia liner services with chartered ships. In 2021, as freight rates began rocketing, the company entered the Transpacific and Asia-Europe lanes, and expanded its shipping capacity by buying two second-hand ships and ordering six newbuildings.

On 31 January, CULines applied to be listed in Hong Kong, but did not provide any timeframe and fund-raising target. The company stated in its prospectus that it had a net profit of US$182.2 million in the first nine months of 2021, more than 10 times the US$13.37 million it earned in 2020.

Martina Li
Asia Correspondent





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