SITC International Holdings, the holding company of Hong Kong-based intra-Asia carrier SITC Container Lines, said on 21 September that it will spend over US$100 million to buy five existing ships and two newbuildings from an associated company.
The associate, SITC Investment, is a British Virgin Islands-incorporated entity owned by SITC Maritime Group, a China-registered private company owned by SITC Maritime Group, which is held by SITC International chairman Yang Shaopeng.
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