Dry CargoGreater China

CSC Phoenix to resume stock trading

Domestic dry bulk shipping company CSC Phoenix has announced that Shenzhen Stock Exchange has approved the company’s application to resume stock trading on August 18.

CSC Phoenix’s stock was suspended by the exchange in May 2014 due to three consecutive years of losses. The company completed a restructuring at the end of 2014.

Last week, Sinotrans & CSC Group signed a share transfer agreement with Tianjin Shunhang Shipping for the sale of its entire 17.89% equity share in CSC Phoenix for RMB1bn ($161m), making Tianjin Shunhang Shipping the controlling shareholder of CSC Phoenix.

CSC Phoenix reported a net profit of RMB109m in the first half of 2015, down 41.7% year-on-year.

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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