Sinotrans & CSC, China’s third-largest shipping and logistics conglomerate, set up a shipping-specialist subsidiary in Shanghai on 9 September.
The new entity was named China Economic and Trade Shipping Company, with a registered capital of CNY10 million (USD1.6 million), a statement of Sinotrans & CSC said on 10 September.
It manages Hong Kong-listed and based Sinotrans Shipping, Nanjing-based Nanjing Tanker, Hong Kong-based China VLCC, Shanghai-based Shanghai Changhang Shipping, Beijing-based Sinochart Group, and Shenzhen-based CSC RoRo Logistics.
The new entity is designed to consolidate Sinotrans & CSC’s shipping sector and raise the competitiveness in the sector.
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China Changjiang National Shipping (Group) Corporation (Changhang Group), a subsidiary of Sinotrans & CSC, will shrink its business to river shipping on the Yangtze River in the future, according to the group.
In August, Changhang Group sold all its 17.89% stake in Shanghai-listed Changhang Phoenix to Tianjin Shunhang Shipping for CNY1.0 billion to fund its debt restructuring.