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ZPMC disposing stakes in Qingdao Port and Cosco Shipping

The Chinese port machinery manufacturer Shanghai Zhenhua Heavy Industries (ZPMC) is planning to sell part or all of its stakes in Qingdao Port and Cosco Shipping Holding to optimise its asset structure.

Katherine Si, China Correspondent

July 7, 2023

1 Min Read
ZPMC cranes being transported by ship
Photo: ZPMC

The targeted stock equities include 1.59% shares of Qingdao Port and 0.02% shares of Cosco Shipping Holding.

The stake sale transactions are beneficial to the company’s asset structure optimization and will improve the company’s financial status, commented Zhenhua. 

Zhenhua recently reports a 73.5% net profit drop for the first quarter of this year. The company is facing pressures from performance decline and profitability falling. 

 

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About the Author

Katherine Si

China Correspondent

China-based Katherine Si has worked in the maritime industry since 2008 is well-connected with local industry players including Chinese owners and yards.

Having majored in English Katherine started at news portal ShippingChina.com where she rose to become a News Editor. In 2008 she moved to work with Seatrade and has since held numerous positions including China correspondent for Seatrade Maritime Review magazine.

With extensive experience in writing, research and social media promotion, Katherine focuses on the shipping and transport sectors.

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