Shanghai: Zhejiang Xinyihai Shipping, a new shipping company, has been established in Zhoushan and will officially start operation on May 1.
The company is an integration of the shipping assets of state-run Zhoushan Transport Investment Group, which runs 13 vessels including bulkers and chemical tankers with a total capacity of 450,000dwt, and it mainly operates on domestic coastal routes and Yangtze River routes.
The new company aims to expand its total capacity to 1m dwt and list on a Chinese stock exchange in the near future and bring in new strategic investors and also collaborate with major state run shipping lines.
“The establishment of Xinyihai Shipping is an important move for the optimisation of the state-run shipping assets in Zhoushan and it will become the leading shipping firm in Zhoushan,” Zhoushan local government said in a release.
