CSSC losses lead to delisting risk

CSSC losses lead to delisting risk

China State Shipbuilding Corporation (CSSC), one of the two largest state-run shipbuilding conglomerates in China, has issued a warning to investors that shares of the company are at the risk of delisting due to two consecutive years of losses.

CSSC estimates that it will register a net loss between RMB2.2bn ($347.5m) and RMB2.5bn for the year of 2017, following a net loss of RMB2.6bn in the previous year.

The shipbuilder attributed the loss to the prolonged recession in both the shipbuilding and offshore market.

This week, CSSC announced a plan to bring in strategic investors for four subsidiary yards as part of its efforts to lower the debt ratio of the group.

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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