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CHINA Shipping Development Co. president Li Shaode said the company would expand its fleet by shipbuilding, purchase, leasing and joint operations, Xinhua reported.
Vessel leasing will be the major means for the Hong Kong-listed company to expand fleet. The company will expand vessel leasing business and set up a professional vessel leasing team, said Mr Li.
China Shipping Development currently operates two ship leasing companies in Hong Kong, which mainly deal with oil tanker and bulk cargo vessel leasing business.
The company will also strengthen co-operation with big shippers and a new joint venture will be established in one month. But Mr Li did not provide further details about the joint venture.
China Shipping Development has already had joint ventures with some big shippers, including the Baojiang Company with Shanghai Baosteel Group, Time Shipping with China Huaneng Group, New Century Shipping with Shenhua Group and Friendship Shipping with Shanghai Electric Power Co.
Meanwhile, China Shipping Development also signed long-term contracts with some shippers to reduce risks during the cyclic fluctuation of the shipping market, the report said.
The company also purchased 42 bulk cargo vessels from its major share holder China Shipping Group, which boosted the growth of its net profit in the first half of the year.
Concerning about the possible integration of the five shipping giants in mainland China, Mr Li said his company had not yet entered discussions with other shipping companies and if there are chances for integration in the future, the company will proceed it according to market principles.
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