Ningbo Marine initiates restructuring

Ningbo Marine initiates restructuring

Chinese bulker owner Ningbo Marine has announced a major restructuring plan in which it will acquire all the shipping assets of its parent Zhejiang Energy Group.

The assets include 51% equity interest of Zhejiang Fuxing Shipping, 60% equity interest of Zhejiang Zheneng Tongli Shipping, 77% equity interest of Ningbo Jianghai Transportation as well as 39.2% equity in Ningbo Beilun Shipping.

According to Ningbo Marine, the company will issue new shares to acquire the assets but the details are still in planning.

Ningbo Marine started a similar restructuring move in 2016 however the plan was rejected by China Securities Regulatory Commission, which claimed that the restructuring didn’t meet the requirement of the latest back-door listing rules.

Ningbo Marine currently operates a fleet of 33 vessels comprising 26 bulkers and seven feedermax containerships.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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