Shanghai-listed Shanghai International Port Group (SIPG) said that it is studying the acquisition of an unspecified part of Shanghai Jinjiang Shipping under its comprehensive development strategy.
SIPG will conduct further study on an acquisition plan after a due-diligence investigation into Shanghai Jinjiang Shipping, a stock filing of SIPG said on 23 April.
On the short sea box shipping side, SIPG owns Shanghai Hai Hua Shipping (HASCO).
Shanghai Jinjiang Shipping, established in 1983, is a Shanghai-based container carrier involved in short sea box shipping in East Asia, with services from China to Japan, Thailand, and Vietnam. The carrier also operates two warehouses in Waigaoqiao Free Trade Zone in Shanghai, which are adjacent to the Waigaoqiao port.
In 2013, Shanghai Jinjiang Shipping posted a profit of CNY75.6 million (USD12.2 million) from its revenue of CNY1.6 billion. The company’s net equity totalled CNY2 billion as of the end of 2013.
According to IHS Sea-web.com data, Shanghai Jinjiang Shipping currently operates 13 box ships with capacities ranging from 668 teu to 1,100 teu, with a 1,100 teu container ship on order.
HASCO operates seven box ships, with six box ships on order.