Lianyungang Port dissolves loss-making subsidiary

Lianyungang Port dissolves loss-making subsidiary

Shanghai: Jiangsu Lianyungang Port has announced that it has decided to dissolve and liquidate its loss-making subsidiary Lianyungang Xindongrun Port Terminal Co.

Lianyungang Xindongrun Port Terminal was jointly established by Lianyungang Port and China Shipping Terminal Development in 2007. China Shipping Terminal Development sold its 49% equity shares to Lianyungang Port in December 2014.

China Shipping Terminal Development exited another joint venture with Lianyungang Port prior to this, selling its 55% stake in Lianyungang New Oriental Container Wharf in 2013.

Lianyungang Port said the Xindongrun Port Terminal has been suffering from losses since establishment and has little room for business expansion, which has led to the dissolving of the subsidiary.

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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