Shanghai: Ningbo Marine has announced that it has signed a ship management contract with Tongli Shipping to manage bulker “Xin Hua Sheng Hai”.
Tongli Shipping will pay a ship management fee of RMB4.84m to Ningbo Marine each year.
Tongli Shipping is a coal shipping subsidiary of Zhejiang Energy, the controlling shareholder of Ningbo Marine. Zhejiang Energy plans to integrate two of its shipping units Tongli Shipping and Fuxing Shipping into Ningbo Marine in the next five years and Ningbo Marine will be the only platform for its domestic shipping business. [31/10/13]