CSSC Shipping, the shipowning unit of China State Shipbuilding Corporation, has submitted an application for an IPO on the Hong Kong Stock Exchange.
The company plans to use the proceeds from the IPO to expand its ship leasing business and acquire upstream and downstream assets in the LNG sector to diversify its business. The scale of the IPO has yet to be revealed.
CSSC Shipping was established in 2012 and was the first shipowning unit set up by a Chinese shipyard. The company mainly provides ship leasing and chartering services.
The company currently owns a fleet of 60 vessels, made up of 27 bulkers, 14 tankers, nine containerships, five gas carriers and five special purpose vessels. 46 vessels in the company’s fleet are under financial leasing arrangement and another 14 are on charters.