Greater ChinaShipyards

Waigaoqiao offloads shares in Jiangnan Changxing to drive diversification

Shanghai: China’s state run shipbuilding giant China State Shipbuilding Corporation (CSSC) is integrating its shipbuilding assets in Shanghai by adjusting shareholdings of the three affiliate shipyards in Shanghai.

CSSC has announced that Waigaoqiao Shipbuilding is going to sell its 14% equity share in Jiangnan Changxing Shipbuilding to Hudong Zhonghua Shipbuilding, adding to the 51% it sold to Hudong Zhonghua in 2013.

After the transaction, Hudong Zhonghua will hold 65% equity shares in Jiangnan Changxing, while Baosteel holds the remaining 35%.

CSSC said the move is to optimize its shipbuilding assets and support Waigaoqiao to diversify its shipbuilding business.

According to CSSC, Waigaoqiao has been looking for opportunities in the LNG, cruise and offshore markets.

CSSC reported a net profit of RMB44.18m ($7.06m) for the year 2014, 11.77% up on the 2013 result.

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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