China United Lines (CULines) continues to expand its shipping capacity ahead of its plans to list on the Hong Kong Stock Exchange.
The company has reportedly purchased the 2012-built 2,770 TEU Cape Marin for US$52 million. Cape Marin was one of all Schoeller Holdings’ 17 container ships that were sold to China Development Bank Financial Leasing in a US$142 million refinancing deal last December. Since then, as asset values continue to appreciate, Schoeller has sold several of those vessels for a profit.
Majority owned by the Chinese government, CULines started out as an NVOCC, before starting intra-Asia liner services with chartered ships. In 2021, as freight rates began rocketing, the company entered the Transpacific and Asia-Europe lanes, and expanded its shipping capacity by buying two second-hand ships and ordering six newbuildings.
On 31 January, CULines applied to be listed in Hong Kong, but did not provide any timeframe and fund-raising target. The company stated in its prospectus that it had a net profit of US$182.2 million in the first nine months of 2021, more than 10 times the US$13.37 million it earned in 2020.
Martina Li
Asia Correspondent
