Zhonggu Shipping to terminate NEEQ listing

Zhonggu Shipping to terminate NEEQ listing

Chinese domestic container shipping company Zhonggu Shipping has announced a plan to terminate its listing on National Equities Exchange and Quotations (NEEQ).

The decision comes only eight months after the company listed on NEEQ in June 2016.

Zhonggu Shipping said it has had negotiations with the shareholders of the company regarding the proposal and all of them have reached preliminary consensus. However, the company didn’t reveal specific reasons for the termination of listing.

In January, Zhonggu Shipping announced a plan to raise RMB600m ($87m) via issuing new shares to fund the construction of ten 2,500 teu containerships and the acquisition of 65,000 containers. The vessels are now under construction at Shanghai Shipyard and Jinling Shipyard.

When contacted by Splash, an official of Zhonggu Shipping said the move is to meet the company’s strategic development needs and termination of the listing will not affect the company’s newbuild orders.

According to Alphaliner, Zhonggu Shipping currently operates 45 vessels with total capacity of 60,240teu and 22 vessels are self-owned.

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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