Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
HomeMaritime NewsFinance & InsuranceXintong Shipping planning Shanghai IPO to fund fleet expansion

Xintong Shipping planning Shanghai IPO to fund fleet expansion

Photo: Freeman Zhou - Unsplash Shanghai skyline
Chinese chemical products supply chain service provider Xingtong Shipping is preparing for an Initial Public Offering (IPO) on the Shanghai Stock Exchange to fund business expansion.

Xintong Shipping focuses on domestic coastal liquid chemical products and oil products transportation. 

The company is planning to issue shares on the Shanghai Stock Exchange on 22 February and will use the funds raisedto purchase several chemical tankers and MR product tankers, as well as a digital shipping research and development centre project. 

The investment in the newbuildings will substantially enlarge the company’s business scope, increase the market share and support the company to expand customer pool, said Xingtong Shipping.

As the end of 2021, the company owns a fleet of 15 vessels, totaling in 187,300 dwt, among which, 12 vessels are liquid chemical products tankers. 

It is the second Chinese company to announce an IPO this month. Rapidly expanding container carrier CU Lines is also planning a public offering on the Hong Kong Stock Exchange.

 

TAGS: Tankers Asia

 

Related
Singapore from the air DNV
Singapore retains maritime city top spot
Apr 15, 2024
Star Bulk listed on Nasdaq
Star Bulk completes Eagle Bulk merger creating dry bulk giant
Apr 10, 2024
euronavcrew.jpg
FourWorld seeks to nullify Euronav board decisions
Apr 08, 2024
Piraeus Port
Piraeus port reports record profit for 2023
Apr 04, 2024