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Zhonggu Logistics raising $461m to fund container shipping business

Photo: Zhonggu Logistics Zhonggu Donghai.JPG
The Chinese liner service provider, Zhonggu Logistics, announced the plan to issue A-shares to raise up to CNY3bn ($461m) for its containership newbuildings project and container shipping related business.

The funds will mainly be used for the construction of new sixteen 4,600 teu containerships, container purchase and intelligent container transportation information platform development.

The company has seen continued growth in the scale of its business in recent years, and the expansion of its containership will greatly improve the company’s service capacity and enlarge its market share, said Zhonggu Logistics.

Growth rates of Zhonggu’s container fleet capacity were 41.44%, 25.62% and 9.69% in 2018, 2019 and 2020. The newly constructed vessels could further expand the company’s fleet capacity and service network.

In 2020, Zhonggu posted an operation revenue of CNY10.42bn ($1.6bn), exceeding CNY10bn for the first time, an increase of 5.24% year-on-year.

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