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.

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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