China’s Ningbo Port has announced a plan to spin off its wholly-owned subsidiary Ningbo Ocean Shipping and list the company on a stock exchange.
Ningbo Port, the world’s largest port in tonnage terms, believes the spin-off will help Ningbo Ocean Shipping to expand its business with capital from the stock market.
VesselsValue data shows Ningbo Ocean Shipping currently owns a fleet of seven feedermax and sub-panamax containerships with a total capacity of 11,642 teu. The company also recently acquired the 2012-built supramax bulker Sam Lion through an auction.
The IPO preparation work is still at the preliminary stage.