Ningbo Marine completes restructuring

Ningbo Marine completes restructuring

Chinese bulk shipping operator Ningbo Marine has completed a lengthy restructuring with its parent company Zhejiang Energy Group.

The company initiated the restructuring in 2016 under which it planned to acquire all the shipping assets from its controlling shareholder company Zhejiang Energy Group, however the plan was rejected by authorities who claimed it did not meet the requirements for back-door listing rules.

The company started the same restructuring again in March 2018 and has completed the entire process after acquiring controlling stakes in four shipping subsidiaries of Zhejiang Energy Group.

Ningbo Marine currently operates a fleet of 36 vessels comprising 26 bulkers and 10 feeder boxships. The company also diversified into the tanker shipping market with an order for a 10,000 dwt product tanker at AVIC Dingheng in November.

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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