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Yangtze Phoenix to sell 13 vessels

10 October 2012
Yangtze Phoenix, a subsidiary of Sinotrans China Yangtze Shipping and the largest barge operator on the Yangtze, is to sell 13 of its vessels, including two currently being built. In a statement through the Shenzhen Stock Exchange where it is listed, the company said that its latest emergency shareholders’ meeting approved the plan to sell the vessels and the associated debt for nothing.

Of the 13 vessels that represent 40 per cent of its ocean-going capabilities, nine are 58,000 dwt vessels and four are 45,000 dwt vessels. They have a total book value of Rmb3.337bn and a market value Rmb2.235bn. Corporate debt stands at Rmb3.307bn.

The parent company, Sinotrans China Yangtze Shipping, has a history of more than 130 years. It is one of China’s three major shipping lines, behind Cosco and China Shipping, all of which are suffering from financial difficulties. In 2000, the company moved into ocean shipping, specialising in the transportation of oil.

The listing of Yangtze Phoenix in 2007 allowed Sinotrans China Yangtze Shipping to embark on a Rmb1.8bn shipbuilding spree.

     
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