The latest move is seen as a positive progress for Sinotrans & CSC since its formation after the merger in 2009 between China National Foreign Trade Transportation (Group) Corp (Sinotrans) and Changjiang Shipping Co (CSC).
The new entity Sinomarine, headquartered in Shanghai, will integrate the group’s RMB40bn ($6.3bn) worth of shipping assets under its belt, and be responsible for managing the entire shipping operations of the group.
At the unveiling of the new entity on Monday, Sinotrans & CSC affirmed a bumper 12 newbuildings order comprising of six 38,800 dwt bulkers, four 1,900 teu boxships and two 50,000 dwt oil tankers, to be built at three different Chinese shipyards.
At present, Sinotrans & CSC controls more than 12m dwt of fleet capacity and has around 1m dwt of newbuilding capacity of various ship types on order.
Recently, there has been talk that Sinotrans & CSC is set to merge with China Merchants Energy Shipping (CMES), but the two groups announced they have yet to receive any notices regarding the merger, stopping short of denying the potential tie-up.
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