Ningbo Ocean Shipping, a subsidiary of Ningbo-Zhoushan Port, is to purchase Zhejiang Haigang Shipping for CNY400.96m ($61.43m) to reduce competition and integrate resources.
Zhejiang Haigang Shipping is planning to develop a fleet focusing on sea-river combined transportation system, featuring the advantages of large loading capacity, low fuel consumption, safety and efficiency.
Ningbo Ocean Shipping is currently planning for spin-off listing for Zhejiang Haigang Shipping.
The company will purchase a 100% stake equity of Zhejiang Haigang Shipping from Zhejiang Seaport Group, an indirect shareholder of Ningbo-Zhoushan port company, to better integrate internal shipping-related resources and improve service capacity along Yangtze river, according to Ningbo-Zhoushan Port.
Zhejiang Haigang Shipping was set up in 2019.
