Nanjing Shenghang Shipping raises funds for vessel acquisition

Nanjing Shenghang Shipping raises funds for vessel acquisition

NEEQ-listed Nanjing Shenghang Shipping has announced a fund raising plan under which it will raise up to RMB112.6m ($16.4m) through issuing new shares to a group of specific investors.

Shenghang Shipping will use the proceeds to fund the acquisition of a chemical tanker and replenish working capital.

In January, Shenghang Shipping announced a plan to acquire two chemical tankers, Yong Sheng Hua 7 and Yong Cheng 58, from Zhoushan Yongsheng Shipping and Zhoushan Yongcheng Shipping respectively.

Nanjing Shenghang Shipping is an affiliate company of Nanjing Refinery Company and mainly operates chemical shipping on Yangtze River and domestic coastal regions. It currently owns a fleet of 11 tankers with total capacity of 55,000dwt.

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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