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.