Shanghai Bestway Marine Engineering Design has reached an agreement to sell 16% equity in Green Power Water Transport to Shanghai Langyun Electronic Technology for RMB8m ($1.17m).
Shanghai Bestway and its subsidiary Shanghai Walking LNG holds 20% and 10% equity respectively in Green Power Water Transport, a company that was established in 2014 and mainly operates small LNG-powered vessels on domestic rivers. The company ordered a total of 200 LNG-powered vessels at Dajin Heavy Industry, an affiliate shipyard of Shanghai Bestway.
According to Shanghai Bestway, Green Power Water Transport has been suffering losses since the establishment and hasn’t reached the company’s development expectations.
Following the share disposal, Shanghai Bestway still indirectly holds a 19% stake in the jv.