Chinese shipping company Jin Jiang Shipping is ready for the Shanghai stock exchange (IPO)

Jin jiang-shipping
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According to the shipping analyst, Alphaliner, Jin Jiang will circulate 15% of its shares through the listing. The carrier operates a fleet of 42 39,990 TEU ships and is known as a specialist within Asia, though it temporarily branched out into trans-Pacific trades during the pandemic. SIPG, which operates most of Shanghai’s container port terminals, currently owns 82% of the company and will retain control after the offer.

In addition, he says, SIPG announced a year ago that it intended to get rid of Jin Jiang, saying it would allow the company to develop its shipping business. Jin Jiang expanded in 2020 after merging with subsidiary Shanghai Hai Hua Shipping (HASCO). It also returned to the newbuild market in 2021 after a long hiatus, ordering 4 units of 1900 teu from Zhejiang Yangfan for delivery in 2023.

He reports that proceeds from the share offering will be used for fleet expansion, with possible plans to build six 1,800 TEU ships and two 2,400 TEU ships. Jin Jiang entered trans-Pacific operations in 2021, entering into a space purchase agreement with Transfar Shipping, one of several Chinese newcomers to emerge in the trade during the pandemic. Jin Jiang’s current schedule does not show any travel between the US and China, Alphaliner concludes.

Source: Alphaliner

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