Greater China

China Shipping Group to integrate vessel assets

Beijing: China Shipping Development (CSD), the bulker and tanker subsidiary of China Shipping Group, will receive several bulkers and tankers from China Shipping Group, as its parent tries to integrate vessel assets of its subsidiaries to avoid intra-industry competition.

CSD said China Shipping Group has promised to transfer bulkers and tankers from its subsidiary China Shipping (Hong Kong) to CSD in the next five years through asset acquisition or restructuring. Before the transfer, China Shipping Group will lease the mentioned vessels to CSD or its subsidiaries according to its demand.

China Shipping Group will have positioned CSD as its only platform for tanker, bulker and LNG business after the asset integration, which will eliminate intra-industry competition and facilitate the sustainable and stable development of the company, CSD said. [06/11/12]

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