Shanghai: SITC International Holdings Company Limited, which is China's No.3 container shipping line in terms of foreign trade, will use proceeds from a Hong Kong listing for fleet expansion. ?
45% of the funds would be used to purchase 15 to 25 new or second-hand ships. About 20% would be used to purchase 25,000 to 35,000TEU. About 25% would be used to exploit logistics on land. The remaining 10% would be used for operations. ??Chairman Yang Shaopeng of SITC introduced that by the end of June 2010 the total transport capacity was 646,000TEU.
?Currently the fleet of SITC has reached 42 ships on 48 shipping routes covering China, Japan, Korea and Southeast Asia. [29/10/10]
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