Thursday, September 18, 2014
China Shipping Development buys $130M stake in domestic tanker firm
China Shipping Development, China's largest tanker operator by fleet size, is buying a 20 percent stake in a mainland tanker company for $130 million from parent company China Shipping Group to take advantage of the expanding market of transporting petroleum on China's coast and inland waterways.
This buy raises China Shipping Development's shares in Shanghai Beihai Shipping to 40 percent. In June, it bought a 20 percent stake in Beihai from Sinochem International Corp.
The China Shipping Development statement said Beihai, which owns a fleet of eight tankers, was predicted to generate approximately $59 million and $61 million in net profit for 2014 and 2015, respectively.
Other Beihai shareholders include CNOOC Petrochemical Import & Export, with 30 percent, Silverbond Overseas with 20 percent and China Ocean Oilfields Services (Hong Kong), another CNOOC subsidiary, with 10 percent.
For more of the South China Morning Post story: scmp.com
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