Ningbo Marine to get RMB760m coal shipping contract from parent

Ningbo Marine to get RMB760m coal shipping contract from parent

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%.

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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