China Merchants Port to enter feeder market through Antong bailout
State port giant teams up with Chinese state-owned aerospace and defence conglomerate AVIC to provide $77m in financing to domestic line Antong, which has been struggling with serious debt issues. AVIC could potentially end up with a much bigger stake in the new joint venture if Antong continues to default on its loans
A new joint venture, China Merchants Antong Logistics Management Company, will be established and will help the Chinese port company to access Antong’s large, domestic trade-focused boxship fleet
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