Greater China

Cosco Shipping gets approval to issue new shares

Photo of Jason Jiang Jason JiangFebruary 4, 2015
4 Less than a minute

Shanghai: Cosco Shipping has announced that its has received approval from State-owned Assets Supervision and Administration Commission (SASAC) to issue RMB2.5bn worth of new shares to parent Cosco Group and QHKY Fund.

Cosco Shipping said the raised funds will be used to order new ships, repay debts and replenish working capital.

Cosco Shipping reported an estimated net profit of RMB193m for the year of 2014, a year-on-year growth of 491%. The company said profit increased mainly thanks to an RMB182m ship scrapping subsidy offered by the government.

Photo of Jason Jiang Jason JiangFebruary 4, 2015
4 Less than a minute
Photo of Jason Jiang

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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