Greater ChinaTankers
Shenghang Shipping issues new shares to fund newbuild
Chinese domestic tanker operator Nanjing Shenghang Shipping has announced a plan to raise RMB57.64m ($8.6m) by issuing 7.2m new shares.
The company plans to use RMB21m to partly fund the construction of a 5,000 dwt chemical tanker and the remaining $36.64m will be used to replenish working capital for the year of 2018.
Shenghang Shipping is currently planning an IPO and it has already submitted an application with China Securities Regulatory Commission.
Shenghang Shipping mainly operates in the domestic petrochemical shipping business with a fleet of 12 chemical tankers.