Hong Kong: China State Shipbuilding Corp has established a shipping unit in Hong Kong following other yards keen to enter owning to avoid the worst of the downturn.
“The move will enhance the state major’s operational flexibility and help avoid distressed sales, should some of its customers cancel orders or default on payments,” the group said in a statement.
“This unit will be involved in vessel leasing, seaborne transport, vessel sales, ship management, investments, introduction of new technology related to ships and offshore equipments, crew management and other shipping-related business,” CSSC said. 

The group also said that Hong Kong’s advantages as “a financial centre, a trade centre and a shipping centre would help CSSC compete in international markets.” [02/07/12]
