Kingston Wharves acquires stevedoring business of Transocean
KINGSTON, Jamaica — Kingston Wharves Limited (KW) announced yesterday that it has acquired the stevedoring business of Transocean Shipping Limited with effect January 8 this year.
KW said via the Jamaica Stock Exchange (JSE) that the acquisition is intended to be effected at a maximum cost of US$270,000 payable over a three year period provided that certain terms and conditions are met.
KW said that it anticipates that with the acquisition, it will further expand and improve the range services offered to shipping lines that call at the Port of Kingston.
The acquisition will bring to two the number of stevedoring operations absorbed by the company in six months.
In October 2015, KW acquired the stevedoring business of AE Parnell & Company.
That deal carried a maximum price tag of US$300,000 (J$36 million) also payable over a three-year period.
Stevedoring involves the loading and unloading of ships.
Avia Collinder
