Greater China

Shanghai Bestway in asset sell-off

Shanghai Bestway Marine Engineering Design is going to streamline its business through asset disposals.

The company has announced that it plans to dispose of its loss-making yacht business in order to lower the company’s financial burden, which it is also selling a 19% equity stake in Dalian Yuchai Energy, a company mainly focused on LNG-powered vessels.

The company said it will look to spend more capital on the development of its offshore and clean energy business in the future.

Shanghai Bestway reported a net profit of RMB13.4m ($2.11m) for the first three quarter of this year, down 9% year-on-year.

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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