CSC Phoenix, the domestic dry bulk shipping arm of the state-owned logistics service provider Sinotrans & CSC Group, has announced that its parent group has signed a share transfer agreement with Tianjin Shunhang Shipping for the selling of its entire 17.89% equity share in CSC Phoenix for RMB1bn ($161m).
CSC Phoenix’s stock trading has been suspended by the exchange since May 2014 due to three consecutive years of losses. The company has completed a restructuring, reducing its fleet capacity from 4m dwt to around 600,000 dwt. It has applied with the Shenzhen Stock Exchange to resume stock trading and expects to make it happen within this year.
Tianjin Shunhang Shipping is registered in Tianjin Free Trade Zone and controlled by Chen Deshun, and it mainly operates domestic coastal shipping and Yangtze River shipping, Chen also controls dredging company Tianjin Ganghai Construction Group.