--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service


Hot Links
China Development Gateway
Chinese Embassies

Shipping Giant to Issue Corporate Bonds

China Shipping (Group) Company, one of the country's major shipping companies, will issue up to 2 billion yuan (US$242 million) worth of corporate bonds and seek public listings to enhance its capital strength.

The bond issuance has already got approval from the State Council.

Li Kelin, president of the group, said it would also undergo a shareholding restructuring in the future.

"When conditions allow, the group may seek an overall listing," he said.

Presently, the group already has two subsidiaries listed - the A-share listed China Shipping (Hainan) Haisheng Shipping & Enterprise Co Ltd, and China Shipping Development Co Ltd that has both A and H shares.

The group is also preparing for an initial public offering of its other business, the container lines, in Hong Kong this year, market sources said.

The subsidiary, China Shipping Container Lines Co Ltd, operates 39 international lines and eight domestic sea routes and has been expanding rapidly in recent years.

Based in Shanghai and State-owned, China Shipping (Group) Company is a shipping conglomerate that operates container ships, oil tankers, bulk carriers, passenger ships as well as terminals.

By the end of 2003, its revenue from shipping business had reached 31.9 billion yuan (US$3.9 billion), compared to only 6.7 billion yuan (US$809.1 million) in 1997 when it was first launched.

Last year, its realized profit was 3 billion yuan (US$362.3 million), ranking among the top ten of all central state-owned enterprises (SOEs) supervised by the State-owned Assets Supervision and Administration Commission (SASAC).

Li expects the group to reach 230 million tons of freight volume in 2004 and 3.5 billion yuan (US$422.7 million) of profit.

Instead of relying on government support, China Shipping has been following a self-reliant business model to rise from a loss-maker seven years ago to one of the leading shipping companies in China. It is a good example of how SOEs can also prosper in the market economy, said Ren Zhi, a division chief of SASAC's Bureau of Enterprise Reform.

To survive market competition, SOEs must have a decision-making procedure, grasp market opportunities timely and adjust their business aim accordingly, he said.

The shipping industry, for example, with its own business cycle and close links to the international economic and political climate, requires quick responses to the everchanging market, experts said.

Li Kelin, who had been a ship captain for a decade, has more skills than mastering a ship.

A shrewd businessman, he had increased ship rental and rebuilt some tramps into container liners at low costs in 1997 and 1998 when the market was low and quickly accumulated a fortune for his company.

Then he made another fortune during the West Coast port strike in the United States in 2002 by preparing additional containers in advance and seeking substitute ports, earning more than 500 million yuan (US$60.4 million) within a few months' time.

"This round of the business cycle of the shipping industry will last longer than before," said Li.

He expected the overall industry to continue to boom for at least another two to three years.

Fueled by the rosy domestic economy and improving world economy, China's foreign trade volume had grown by 35 percent last year year-on-year and is expected to stay on the upward track this year.

That brews opportunities for the shipping companies as well as the ship-builders. The demand of oil, iron and steel imports, for example, will remain high.

Li said China Shipping would try to reconstruct its oil tankers and build a world-class tanker fleet by 2010, with 7.5-8.5 million deadweight tons.

Its container lines business is also expected to get a solid growth.

To ensure sufficient cash flow during the expansion, the group has also applied a global clearing system that can concentrate all the funds applicable in the subsidiaries, Li said.

By the end of 2003, the group's global business network had reached 152 ports in 75 countries and regions.

(China Daily April 12, 2004)

Shipping Giant Sets Up Office in Shanghai
Shanghai Shipping Agents to Put A Boycott on Maersk
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688
主站蜘蛛池模板: 天天躁夜夜踩狠狠踩2022| www.亚洲成在线| 欧美黑人激情性久久| 成人免费网站在线观看| 十分钟免费视频高清完整版www| 一级一级毛片看看| 日本xxxx18护士| 久久高清一区二区三区| 欧美性猛交XXXX乱大交3| 亚洲高清无在码在线无弹窗 | 亚洲中文字幕在线第六区| 没带罩子的英语老师| 免费大片黄手机在线观看| 美女被免费看视频网站| 国产鲁鲁视频在线观看| 久久99国产精一区二区三区| 最好的中文字幕2018免费视频| 亚洲国产成人久久精品软件| 毛片在线免费播放| 亚洲香蕉免费有线视频| 福利一区二区三区视频在线观看| 四虎国产成人永久精品免费| 色综合天天综一个色天天综合网| 国产午夜无码精品免费看| 四虎最新永久免费视频| 国产美女免费网站| 97日日碰曰曰摸日日澡| 在线观看老湿视频福利| a级毛片高清免费视频| 日韩国产免费一区二区三区| 亚洲a级在线观看| 欧美在线精品一区二区在线观看| 亚洲欧美日韩在线不卡| 波霸影院一区二区| 亚洲色无码一区二区三区| 狠狠躁夜夜躁人人爽天天天天97 | 花传媒季app| 国产三级网站在线观看播放| 国产一级高清免费观看| 黑人借宿ntn神宫寺奈绪| 国产成人精品日本亚洲专区6|