Shanghai: Ningbo Marine has announced that it is going to sign contracts with parent company Zhejiang Energy Group, to provide coal shipping service for the group and its subsidiaries in 2015. Total value of the contracts is about RMB760m ($122.3m).
In the meantime, Zhejiang Energy Group’s financing division will provide a RMB1.5bn ($241m) credit facility to Ningbo Marine.
Zhejiang Energy Group took over Ningbo Marine in 2013 and plans to develop Ningbo Marine into its only shipping platform by 2018, after consolidating Ningbo Marine with its existing shipping subsidiaries.
Ningbo Marine reported a net profit of RMB7.4m ($1.19m) for the year 2014, showing year-on-year growth of 24.41%.