Greater China

Tianjin Marine to invest RMB7bn in bank products

Photo of Jason Jiang Jason JiangFebruary 3, 2015
1 Less than a minute

Shanghai: HNA-affiliated Tianjin Marine has announced that it plans to use RMB7bn of RMB12bn recently raised funds to buy low risk bank products including negotiated deposits, seven-day call deposits and fixed-term deposits.

Tianjin Marine raised the funds to diversify its business with plans to expand by ordering VLCC and LNG carriers. It also signed a letter of intent with Dalian Shipbuilding Industry at the end of April 2014, however, a firm order has yet to be placed.

Tianjin Marine said the investment in bank products wouldn’t affect its investment in the shipping business.

Photo of Jason Jiang Jason JiangFebruary 3, 2015
1 Less than a minute
Photo of Jason Jiang

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.
Back to top button