Greater China

CITIC Securities moves into shipowning

Shanghai: CITIC Huanqiu Trading, the bulk commodity trading platform of CITIC Securities, has signed an agreement with Taizhou Santai Shipyard for the sale of a 51,000dwt bulker, which has made CITIC Securities the first securities company in China to enter the shipowning sector.

The vessel will be chartered to Jiangsu Ligang Power Group under a bareboat contract, to transport bulk cargo in the domestic market.

“The deal is just a trial start, we will try to provide more financial support for the domestic shipping market through private equity and structured financing in the near future. We will also offer other services including freight index and fuel hedging to enhance the anti-risk capability of companies in the market,” said Li Xiaodong, a business director of CITIC Huanqiu Trading. [09/10/14]

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