SITC restructures shipping subsidiaries

SITC restructures shipping subsidiaries

Hong Kong-listed SITC International Holdings has announced that New SITC Development, a wholly owned subsidiary of the company, has entered into an agreement with SITC Shipping.

Under the agreement, New SITC Development will transfer entire shares of Hai Lian Shipping to SITC Shipping.

Upon completion of the deal, Hai Lian Shipping will no longer be a subsidiary of the company and its financial results will no longer be consolidated into the financial results of the group.

In the meantime, New SITC Development entered into a bareboat charter agreement with Hai Lian Shipping to charter the vessel SITC Ningbo for a period of ten years.

The vessel will be deployed on shipping routes between China Mainland and Taiwan.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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