German E.R. Schiffahrt and Chinese shipping and logistics conglomerate Sinotrans from Hong Kong have signed a long-term collaborative agreement concerning the two companies' dry bulk activities.
E.R. Group, one of Germany's biggest owners of container and dry bulk assets, has sold two of the company's 10 Capesize vessels to Sinotrans for USD 49.25 million apiece. One third of E.R. Schiffahrt's major dry bulk vessels will be on long-term charter with Sinotrans, starting in early 2015, says the company in a statement on Friday.
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