Shanghai International Port Group (SIPG) intends to spin off and list its shortsea container shipping subsidiary Jin Jiang Shipping.
The board of directors of SIPG has authorised the company and the management of Jin Jiang Shipping to start the preliminary preparations for the spin-off.
The spin-off will not cause the company to lose control over Jin Jiang Shipping, nor will it affect other businesses of the company, SIPG said in a regulatory filing with the Shanghai Exchange.
Established in 1983, Shanghai Jin Jiang Shipping has a fleet of 38 containerships, of which 29 are owned. According to data from Alphaliner, the company has a carrying capacity of around 34,000 teu and four ships on order, totalling 7,600 teu.