CSC Phoenix to dispose of 55 vessels

CSC Phoenix to dispose of 55 vessels

Shenzhen-listed CSC Phoenix has announced that its wholly owned subsidiary CSC Phoenix (Nanjing) has listed 55 old river vessels with a total value of RMB10.88m for sale as part of the efforts to optimize its fleet.

The company also announced a plan to purchase three 3,000dwt barges and two pusher boats for RMB11m.

In the meantime, CSC Phoenix said it will jointly establish Wuhan Ship Exchange Company with Wuhan Guanggu Equity Exchange and Hubei Yufeng Port Development. It will invest RMB3.5m to take 35% equity in the joint venture.

CSC Phoenix reported an estimated net profit of RMB108m-110m for the first three quarters of this year.

CSC Phoenix was taken over by Tianjin Shunhang Shipping from state run logistics giant Sinotrans & CSC in August and asset restructuring of the company is still ongoing.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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