Dry CargoGreater China

Zheshang Development takes over Zhejiang Shipping Group

State-run commodity trader Zheshang Development has announced a restructuring plan to take over bulk shipping operator Zhejiang Shipping Group.

Under the plan, Zheshang Development will acquire 100% equity shares in Zhejiang Shipping Group through the issuing of new shares to the current controlling shareholder Zhejiang Communications Investment Group.

Additionally, Zheshang Development will bring in investment firm Zhejiang Yongan Guofu as a strategic investor to raise up to RMB500m ($70m).

The raised funds will be used for the development project for Zhejiang Shipping.

Last week, Zhejiang Shipping issued an tender seeking shipyards to construct two 51,000 dwt bulk carriers. It currently owns a fleet of 24 bulk carriers with total capacity of 1.05m dwt.

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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