Chinese domestic chemical tanker owner Nanjing Shenghang Shipping is planning to establish a financial leasing unit as part of its development strategy to expand its business reach.
According to Shenghang Shipping, it plans to further expand the company’s fleet and develop a complete logistics solution by consolidating resources in both upstream and downstream sectors and acquiring smaller transport companies.
The financial leasing unit will provide financing services for oil tanker, chemical tanker and gas carriers.
The company reckons the domestic chemical shipping sector will gradually revive from the current doldrums and will see explosive growth from 2019 onwards with a number of major coastal petrochemical projects commencing operations.
Shenghang Shipping has increased its fleet from eight tankers in 2016 to 13 tankers by the end of 2017. The company is currently preparing an IPO and has submitted an application with China Securities Regulatory Commission.