Zhoushan port eyes IPO funds to build valemax-sized berths

In an announcement to the Shanghai Stock Exchange late last week, Zhoushan port said out of the aimed RMB614m to be raised, RMB522m will be used to fund the construction of the valemax-sized berths at Ningbo-Zhoushan port complex. The remaining RMB92m will be used for general working capital.

The port is aiming to complete the construction of one 300,000-dwt berth and one 100,000-dwt berth, established side-by-side so as to cater to a 400,000-dwt vessel as well, by 2015.

By 2016, a second 300,000-dwt berth and two 50,000-dwt berths all placed side-by-side, making it another 400,000-dwt berth, will be completed.

The Ningbo-Zhoushan port complex, located in the coastal province of Zhejiang, is at the crossroads of the north-south inland and coastal shipping route, making it one of China’s busiest ports.

In 2014, Zhoushan port generated a revenue of RMB860m and a profit of RMB183m, improving from the 2013 earnings of RMB840m and RMB157m, respectively.