July 10 - The China Navigation CO (CNCo), the deep-sea shipping arm of the Swire Group, has taken 100 percent ownership in Polynesia Line Ltd (PLL).
CNCo has held a minority 13 percent shareholding in Polynesia Line since 1979, and Tim Blackburn, managing director, CNCo comments: "We have tremendous confidence in PLL's position as the premier US West Coast to the Pacific Islands shipping service which has been established over many years."
A statement from CNCo said that following the purchase it will be "business as usual" at PLL - the management service will remain in San Francisco, USA; Interocean Steamship Corporation with continue to operate as the line's agent in the USA; there will be no change to existing agency agreements in place at the key ports in the Pacific islands.
Chris Daniells, general manager, Swire Shipping, concludes that "CNCo, through its liner shipping division, Swire Shipping, has established an extensive network in the Pacific Islands over 75 years and PLL will enhance its position as the leading, independent regional carrier."
www.polynesialine.com
