Nanye Group takes control of CSC Phoenix

Nanye Group takes control of CSC Phoenix

Chinese domestic dry bulk operator CSC Phoenix has announced that Nanye Group has become the controlling shareholder of the company having acquired additional shares on the stock exchange.

Shanxi-based coal trader Nanye Group has been aggressively increasing its shareholdings in CSC Phoenix since last year. Through the latest share acquisitions, the company now controls 18% of CSC Phoenix.

The former controlling shareholder of CSC Phoenix, Tianjin Shunhang Shipping, is currently in a liquidation process.

Wuhan-based CSC Phoenix was hit hard by the outbreak of coronavirus. The company reported a net profit of RMB1.6m ($224.8k) for the first quarter of this year, a year-on-year decline of 87.2%.

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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