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Xingtong Shipping readies Shanghai IPO

Chinese chemical tanker player Xingtong Shipping will invest much of the proceeds from an upcoming IPO on expanding its fleet size.

The company is readying a February 22 listing on the Shanghai Stock Exchange.

At present the company has a 16-strong fleet made up of chemical tankers predominantly with one LPG carrier, according to data from VesselsValue.

Chen Xingming, the founder of Fujian Xingtong Shipping, grew up in a small village near Quanzhou in the southeast of China. He started working on fishing boats when he was a teenager. In the early 1990s when a port development project started in Quanzhou, Chen earned his first pot of gold by investing in a few workboats to join the construction craze.

He established Fujian Xingtong Shipping in 1997 and gained approval to operate petrochemical shipping at domestic coastal ports and major river ports.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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