Greater China

New shipowner venture established in Dalian

Dalian: Dalian Hezhong Shipping has been established today by the Dalian Port and Shipping Industry Fund, with an investment of RMB500m.

The new company will be engaged in domestic chemical tanker operation, having acquired Shanghai Sanhan Shipping, and plans to invest in a stainless-steel chemical tanker fleet of over 20 chemical tankers within three years to primarily serve petrochemical enterprises on Changxing Island including, Hengli Petrochemical, Dalian Fujia Dahua Petrochemical and Petro China.

Dalian Port and Shipping Industry Fund was set up in June this year and has plans to raise RMB5bn in funds to develop shipping projects on Changxing Island. It has signed an agreement with CSSC affiliated Chongqing Chuandong Shipyard to construct these tankers.[15/10/12]

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