Tangshan Port to sell stake in Tangshan Huaxing Shipping and refocus

Tangshan Port to sell stake in Tangshan Huaxing Shipping and refocus

Shanghai: Tangshan Port has announced that it is selling its 60% stake in Tangshan Huaxing Shipping, while it plans to take a 54% share in Tangshan Coking Coal Storage Company for RMB330m ($53.1m) and acquire Tangshan Harbor Bocheng Steel Processing Company from Grand Faith Industry for RMB32m ($5.1m).

The port has also said it has scrapped a plan to set up a joint venture with Tangshan Shuangmei Metallurgy Materials.

Tangshan port has emerged as one of China’s largest coal port in terms of storage capacity in the past few years. It reported an estimated net profit of RMB1.09bn for the year of 2014, a year-on-year growth of 23.05%.

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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