Greater ChinaShipyards

Shanghai Waigaoqiao Shipbuilding becomes major shareholder in Shandong Shipping

Photo of Sam Chambers Sam ChambersMay 30, 2023
847 Less than a minute

In lieu of payment for four jack-up rigs delivered three years ago, Shanghai Waigaoqiao Shipbuilding (SWS) has taken a 35% in Shandong Shipping, China’s third largest shipowner. 

The deal to resolve the late payment comes via Shandong Shipping’s decision to issue billions of new shares in a non-public offering with SWS taking RMB4.7bn ($665m) of the new allocation. 

SWS is a flagship of state-run CSSC, the country’s top shipbuilding group, while Shandong Shipping operates a diverse fleet across the main sectors. CSSC, via its substantial leasing activities, is already a major shipowner.  

Photo of Sam Chambers Sam ChambersMay 30, 2023
847 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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