Krupp Seeschiffahrt News

German steel group Thyssen Krupp said on Friday it had agreed to sell its shipping unit Krupp Seeschiffahrt to Los Angeles-based General Ore International. "This sale represents a systematic continuation of ThyssenKrupp's portfolio optimization," the company said, adding that the deal would be closed by September 30. A Thyssen Krupp spokesman said the group would continue to focus on the core businesses of steel, automotives and technology. He said that no freight contract was attached to the deal with General Ore and in future ships would be contracted in to handle the group's freight needs. Krupp Seeschiffahrt operates a fleet of 16 bulk carriers with annual shipping capacity of 30-35 million tons, which generates annual turnover of around $168.07 million.

ThyssenKrupp AG will reportedly gain more than $350 million from the sale of its Krupp Seeschiffahrt shipping unit. The unit, which has annual turnover of about $200 million, will be sold to General Ore Intl., which is a U.S. based company. - (Reuters)