Greater ChinaShipyards

CSSC brings in strategic investors for four subsidiary yards

China State Shipbuilding Corporation (CSSC), one of two state-run shipbuilding conglomerates in China, have brought in strategic investors for four subsidiary yards as part of its efforts to lower the debt ratio of the group.

According to CSSC, eight investors will replenish a total of RMB5.4bn ($845m) into Waigaoqiao Shipbuilding and CSSC Chengxi Shipyard, while nine investors will invest a total of RMB4.8bn into Guangzhou Shipyard International and Huangpu Wenchong Shpbuilding.

Upon completion of the deals, CSSC remains the controlling shareholders of the shipyards.

CSSC believes the debt-to-equity swap will effectively lower the group’s asset-liability ratio, which is in line with the central government’s restructuring policies for state-run companies.

CSIC went though similar measures with its subsidiary yards, having brought in strategic investors for Dalian Shipbuilding Industry and Wuchang Shipbuilding Industry in August last 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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