Shenghang Shipping issues new shares to fund newbuild

Shenghang Shipping issues new shares to fund newbuild

Chinese domestic tanker operator Nanjing Shenghang Shipping has announced a plan to raise RMB57.64m ($8.6m) by issuing 7.2m new shares.

The company plans to use RMB21m to partly fund the construction of a 5,000 dwt chemical tanker and the remaining $36.64m will be used to replenish working capital for the year of 2018.

Shenghang Shipping is currently planning an IPO and it has already submitted an application with China Securities Regulatory Commission.

Shenghang Shipping mainly operates in the domestic petrochemical shipping business with a fleet of 12 chemical tankers.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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