COSCO Shipping Closes Another Dormant Business

COSCO Shipping International (Singapore) has decided to formally dismiss its dormant subsidiary, Cos Knight Shipping.

As informed, a resolution for the dissolution of the company incorporated in the Republic of Panama was presented to the business registry of Panama and Cos Knight Shipping has been dissolved.

The move follows the scrapping of a vessel owned by Cos Knight Shipping, the Supramax bulk carrier Cos Knight.

“The dissolution of Cos Knight Shipping is not expected to have any material impact on the net tangible assets and earnings per share of the company for the financial year ending December 31, 2017,” the company said, adding that none of the directors or controlling shareholders of the company has any interest in the dissolution of Cos Knight Shipping.

COSCO Shipping International decided to shut down a number of dormant subsidiaries in 2017.

In the first nine months of this year, the company sent six of its bulkers to the scrapyard, reducing its fleet to four Handymax carriers.

Separately, COSCO Shipping International said it sent a formal offer document to the shareholders of Cogent Holdings Limited (CHL), a Singapore-based company specializing in logistics management services. COSCO intends to acquire all the issued shared in the capital of CHL.