Free Porn
20.4 C
Wednesday, July 24, 2024
Home News Shanghai International Port Group to spin off Shanghai Jinjiang

Shanghai International Port Group to spin off Shanghai Jinjiang

Shanghai International Port Group (SIPG), which operates most of the terminals in Shanghai port, plans to spin off its liner shipping subsidiary, Shanghai Jinjiang Shipping, intending for the latter to be separately listed on the Shanghai Stock Exchange.

SIPG said in a Shanghai Stock Exchange filing on 13 January the move will enable Shanghai Jinjiang, which had merged with affiliate Shanghai Hai Hua Shipping (HASCO) in mid-2020, to develop its shipping business.

Primarily an intra-Asia carrier, Shanghai Jinjiang had, like several of its peers, forayed into long-haul lanes recently, attracted by rocketing freight rates. The company did this by entering into a slot purchase agreement with Transfar Shipping, a newcomer liner operator partly owned by the Alibaba group.

SIPG said, “A separate listing for Shanghai Jinjiang is beneficial as the company can tap on the capital market in optimizing resource allocation, developing its business, enhancing its profitability and competitiveness.”

In June 2021, Shanghai Jinjiang ordered newbuildings for the first time since 2013, when it commissioned a pair of 1,900 TEU ships at Yangfan Group, and contracted another two similar vessels at the same yard five months later.

Shanghai Jinjiang’s fleet is the 37th among liner operators, with a capacity of 34,168 TEU, including 29 owned ships.

Martina Li
Asia Correspondent

Latest Posts

CMA CGM applies congestion surcharge in Guyana

Due to the current congestion at the port of Georgetown in Guyana, CMA CGM is implementing a Port Congestion Surcharge (PCS). Effective from 22 July,...

Port of Trelleborg proceeds with expansion project

Nearly 50,000 m² have now been paved by Skanska in the new eastern section of the Port of Trelleborg. This asphalting project is part...

Shifts in Container Rankings: ZIM surpasses Yang Ming, CMA CGM set to overtake Maersk

MSC and ZIM Line are the fastest-growing mainline operators, according to the latest Alphaliner’s report. MSC’s fleet has now crossed the 6 million TEU mark,...

Container ship fleet sees fastest growth in 15 years

Since the beginning of the year, the capacity of the container ship fleet has increased by 1.6 million TEUs. "Compared to one year ago, the...

CMA CGM applies peak season surcharge in Gabon

CMA CGM has announced the implementation of a Peak Season Surcharge (PSS) from the port of Libreville in Gabon. Effective from 15 August 2024 (loading...