SIPG to issue bonds worth $700m

SIPG to issue bonds worth $700m

Shanghai International Port Group (SIPG) has announced a plan to issue overseas bonds worth $700m on the Hong Kong Stock Exchange.

The proceeds from the issue will be used to replace existing loans and financing costs for the acquisition of OOIL shares.

Last year, SIPG partnered up with Cosco for the takeover of OOIL, the parent of Hong Kong shipping major OOCL, and acquired 9.9% equity interest in OOIL.

SIPG has been expanding its presence in the shipowning sector, having acquired 20% equity of Shanghai PanAsia Shipping, a subsidiary of Cosco for $128.5m in March.

The group currently fully controls two shipping units Shanghai Hai Hua Shipping and Shanghai Jin Jiang Shipping.

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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