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HongKong Chaoshang Group exits chartering market

HongKong Chaoshang Group says the company has completed the disposal of Shantou Noble Century Shipping company and ceased the operation of its vessel chartering business.

Shantou Noble Century Shipping is an indirect wholly-owned subsidiary of HongKong Chaoshang Group.

The company owns a vessel which attributed a turnover of approximately HK$1.8m ($232,000) with a loss of approximately HK$43,000 from its vessel chartering business during the six months ended 30 September 2019.

Chaosang said that over the past few years, the vessel chartering business had been operating under a challenging environment. Taking into consideration of the small scale of the operation of the group’s vessel chartering business and its loss-making in continuous years, and the increasing repair and maintenance costs of the vessel, which may further reduce the income and profit margin of the group, the board decided to end the chartering business, it explained.

It believes the cessation of the vessel chartering business will enable the group to better utilize its resources to its current business and potential new businesses.

HongKong Chaoshang Group is principally engaged in vessel chartering, trading, money lending and finance leasing.


TAGS: Asia exit
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