Nanye Group continues to increase stake in CSC Phoenix

Nanye Group continues to increase stake in CSC Phoenix

Shaanxi-based coal trader Nanye Group has further increased its shareholding in domestic dry bulk shipping operator CSC Phoenix.

Nanye Group and its affiliates have bought another 5% shares in CSC Phoenix, increasing its shareholding in the company to 10%, further strengthening its position as the second largest shareholder of CSC Phoenix.

Last month, Nanye Group increased its shareholding in CSC Phoenix to 5% and said it might further increase shareholdings in the company in the next 12 months.

An official at CSC Phoenix told Splash that Nanye Group hasn’t confirmed if it is seeking to take control of the company.

Tianjin Shunhang Shipping is currently the largest shareholder of CSC Phoenix, owning 17.89% in the company. In February, a court in Tianjin ruled to liquidate Tianjin Shunhang after the company filed for bankruptcy.

CSC Phoenix said the liquidation of Tianjin Shunhang Shipping will not affect the company’s operation immediately, but may result in an ownership change of the company.

Nanye Group is a large scale coal trader in Shaanxi, and also involved in the businesses of iron ore and steel products.

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.

Related Posts