Hong Kong: The Hong Kong-listed dry bulk arm of Sinotrans &CSC, Sinotrans Shipping, will not purchase vessels from indebted sister firm CSC Phoenix anytime soon, said Li Hua, executive director of the company.
Currently, Sinotrans Shipping has around $920m cash in hand, and will use some of them to purchase eco-newbuilds and secondhand tonnage in the second half to increase capacity, however it will not take over the financially troubled CSC Phoenix’ s ships, Li stressed. [12/08/13]
