Container shipping giant Mediterranean Shipping Company is to buy 50% stake in South Korean shipping firm Sinokor, according to a public filing in Cyprus.
After the acquisition MSC will jointly control Sinokor with Mr. Ga-Hyun Chung, who holds the entire share capital of Sinokor, the filing said.
Sinokor became a key player in the very large crude carrier, or VLCC, segment of the tanker market by acquiring several VLCCs, according to maritime data provider Veson Nautical.
The Swiss-headquartered MSC shipping empire is controlled by the Italian billionaire Gianluigi Aponte and his family.
The MSC Group, MSC's parent company, will buy Sinokor shares via its subsidiary SAS Shipping Agencies Services, according to the filing.
MSC did not immediately respond to a request for comment.
Source: Reuters
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