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Xiamen ITG Group buying three bulk carriers

Xiamen ITG Group Corporation plans to purchase 100% stake equity of Baodarun (Xiamen) Investment from its controlling shareholder ITG Holding to grow its dry bulk shipping business development.

Baodarun is a platform of ITG Holding making international ship purchase transactions. The company currently owns three 82,000dwt bulk carriers via its unit Baodarun Shipping.

Xiamen ITG Group plans to issue shares and raise up to RMB595m ($86m) fund to purchase the three bulk carriers.

Xiamen ITG Group is a major logistics service provider in China. The company had formed a team to manage international dry and bulk shipping business. The acquisition of the three bulk carriers will greatly improve the company’s self-owned fleet capacity and support the company to upgrade shipping logistics service capability, said Xiamen ITG Group.

The newly acquired three vessels, ITG U Ming 1 and ITG U Ming 2 were registered in Hong Kong, and the third ship Giovanni Corrado was registered in Nassau.

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