Greater ChinaOperations

Shandong Shipping sets up asset management jv with Eddie Steamship

Chinese state-run shipping group Shandong Shipping has announced a plan to establish a new asset management company with Taiwanese owner Eddie Steamship.

The new company Shandong Shipping Asset Management Corporation will be registered in Hong Kong with a register capital of $5m. Shandong Shipping and Eddie Steamship will take 38% and 20% of the shares in the jv respectively. The remaining 42% will be held by an entity called Ocean Asset Shipping, which is still currently under planning, and its identity has yet to be revealed.

Shandong Shipping said the new unit will provide support to the company’s ship asset optimisation strategy and create new growth area for the company.

Last month, Shandong Shipping also set up a joint venture with ICBC Leasing for the financing of four bulk carriers.

Shandong Shipping currently operates a fleet of 17 vessels with another 13 newbuildings under construction. Eddie Steamship owns a fleet of three bulkers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button