Shanghai: Sinotrans & CSC is close to putting all its shipping units under one roof, bringing to an end a very difficult four-year merger period. When Sinotrans and Changjiang Shipping Co joined forces in 2010 it ushered in a severe period for the group’s shipping units with the likes of Nanjing Tanker and CSC Phoenix recording extraordinary losses, the latter close to extinction. Li Zhen, the boss of Sinotrans Shipping, speaking at a results press conference yesterday, said that a shipping strategic business unit was set up in Shanghai in October .
“By the end of 2015, we will establish a holding company that comprises all shipping divisions, including dry bulk, tankers, containers and roros,” Li said, adding that Sinotrans Shipping is likely to lead the other bulk divisions in this new merged entity. [13/03/14]