Zhejiang Ocean Shipping to launch in Shanghai
Chinese shipping company Zhejiang Ocean Shipping will launch an initial public offering on the Shanghai Stock Exchange in order to finance fleet expansion, according to local reports.
The company is planning to issue up to 100m shares this year in a bid to raise up to Yuan2bn ($290m). The capital from the IPO will be used for the acquisition for 10 capesize bulk carriers which are scheduled for delivery in 2012. Total tonnages of the vessels were not disclosed.
The China Securities Regulatory Commission is reviewing the IPO proposal.
Zhejiang Ocean Shipping is an affiliate of the state-owned Zhejiang Communications Investment Group and is mainly engaged in the shipment iron ore and coal. The company owns more than 10 panamaxes and capesizes.