China Shipping Development proposes name change, appoints new chairman

The Chinese tanker and bulker shipowner will change its company name to Cosco Shipping Energy Transportation (CSET), as a result of the merger of its parent firm China Shipping Group with China Cosco Group.

Shanghai and Hong Kong-listed CSDC said the proposed change of name is subject to approval by shareholders and the ministry of commerce and the relevant authorities.

The new CSET will focus on seaborne transportation of oil and LNG going forward.

Meanwhile, CSDC has appointed a new chairman, Sun Jiakang, effective 3 June, replacing Xi Lirong, who has tendered his resignation so as to “focus on attending to matters incidental to the restructuring of the controlling shareholder of the company [CSDC].” Xu is named as the chairman of the merged China Cosco Shipping Corporation (Coscocs).