Nanjing Shenghang Shipping acquires chemical tanker

Nanjing Shenghang Shipping acquires chemical tanker

Chinese domestic tanker owner Nanjing Shenghang Shipping has announced the acquisition of 5,700dwt chemical tanker Yong Cheng 58 from Zhoushan Yongcheng Shipping for RMB76.6m ($11.1m).

Shenghang Shipping is currently the charterer of the vessel and Yongcheng Shipping choose not to extend the chartering contract when it expires. Shenghang Shipping decided to acquire the vessel in order not to affect the company’s business operations.

In January, Shenghang Shipping announced a fund raising plan under which it will raise up to RMB112.6m ($16.4m) through issuing new shares, which will help fund the acquisition of the chemical tanker and replenish working capital.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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