Ports operator Cosco Pacific signed an agreement to sell US$194.7 million worth of container boxes, which it will continue to manage after the sale.
The blue-chip company said it agreed to sell 104,663 20 TEUs of containers, representing 8.37 percent of its total container boxes, to SLI Dritte Verwaltungsgesellschaft mbH & Co, which is part of Germany's Schroeder Group.
Cosco Pacific said it expects to book a gain of $21.5 million from the sale this year. The company booked a $84.45 million gain from the sale of containers last year.
Apart from port operations, Cosco Pacific also has a sizable container-leasing division.
The company said the sale is part of its strategy to reduce operational risks in its container-leasing operations, and follows the sale in June of 31,352 TEUs to another unit of the Schroeder Group for $46.5 million.
In 2006, the company sold 600,802 TEUs of container boxes, but continues to manage their leasing operations.
Cosco Pacific has said it will continue to manage the container boxes that it sold, as part of transforming its container-leasing business into an asset-light business model.
Taking its self-owned and managed containers together, the company's container capacity totalled 1.25 million TEUs in 2006.
In addition to port investments and container leasing, the company has investments in logistics and container manufacturing.
The blue-chip company said it agreed to sell 104,663 20 TEUs of containers, representing 8.37 percent of its total container boxes, to SLI Dritte Verwaltungsgesellschaft mbH & Co, which is part of Germany's Schroeder Group.
Cosco Pacific said it expects to book a gain of $21.5 million from the sale this year. The company booked a $84.45 million gain from the sale of containers last year.
Apart from port operations, Cosco Pacific also has a sizable container-leasing division.
The company said the sale is part of its strategy to reduce operational risks in its container-leasing operations, and follows the sale in June of 31,352 TEUs to another unit of the Schroeder Group for $46.5 million.
In 2006, the company sold 600,802 TEUs of container boxes, but continues to manage their leasing operations.
Cosco Pacific has said it will continue to manage the container boxes that it sold, as part of transforming its container-leasing business into an asset-light business model.
Taking its self-owned and managed containers together, the company's container capacity totalled 1.25 million TEUs in 2006.
In addition to port investments and container leasing, the company has investments in logistics and container manufacturing.