Shanghai Shipping Group to sell equity in Beihai Shipping

Shanghai: Shanghai Shipping Group, a wholly-owned subsidiary of China Shipping Group, has put the 20% equity it holds in Beihai Shipping for sale at Shanghai United Assets and Equity Exchange.

China Shipping Tanker (CST), a subsidiary of China Shipping Development, is expected to take over the equity. CST has already acquired 20% equity of Beihai Shipping from Sinochem International for RMB830m in June.

CST currently operates 8 self-owned tankers and 3 chartered tankers with total capacity of 845,000dwt. It also has one tanker on order. [08/07/14]

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