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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 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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