Antong Holdings sets up jv with China Merchants and AVIC

Antong Holdings sets up jv with China Merchants and AVIC

Chinese domestic container shipping company Antong Holdings has entered into a strategic framework agreement with China Merchants Port Holdings and AVIC Trust to start a series of collaborations.

Under the agreement, the three parties will set up joint venture China Merchants Antong Logistics Management Company, and China Merchants Port and AVIC Trust will provide RMB50m ($7m) and RMB200m ($28m) loans to the jv respectively.

AVIC Trust will also set up a trust fund to provide supply chain financing services to Antong Holdings.

Additionally, Antong and China Merchants agreed to deepen their collaborations including promoting Antong ships to increase port calls at the ports operated by China Merchants.

The controlling shareholders of Antong Holdings, Guo Dongsheng and Guo Dongze, are currently dealing with a serious financial crisis after an illegal guarantee scandal involving Guo Dongze was disclosed, with total liabilities of the Guo brothers amounting to RMB8bn ($1.1bn).

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.

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