Chinese bulker owner Fujian Guohang Ocean Shipping is preparing to establish 12 wholly owned shipping companies in Hong Kong as it lays the groundwork for a newbuilding investment programme valued at approximately CNY2.49bn ($372m).
The Beijing Stock Exchange-listed company disclosed on October 12 that its board had approved the creation of the subsidiaries through Guohang Ocean Shipping (Hong Kong) Holdings.
Each company will have registered capital of $100,000, giving the proposed structure combined subscribed capital of $1.2m.
The move forms part of the group’s plans to expand its international shipping operations and establish separate owning companies for individual vessels.
Six of the new entities are intended to support a previously announced shipbuilding investment programme, with one company assigned to each vessel.
That programme comprises three 62,000 dwt multipurpose heavylift ships and three 115,000 dwt LR2 tankers.
Guohang has estimated the six-vessel investment at CNY2.49bn ($372m) and intends to raise up to CNY700m ($105m) through a private share placement.
Of the proposed proceeds, CNY680m ($102m) has been earmarked for the vessels, with the remaining CNY20m ($3m) allocated to working capital. The balance of the shipbuilding investment would come from internal resources and external financing.
The shipowner has not identified the yards that will build the vessels.
The Hong Kong restructuring comes just weeks after Guohang abandoned plans for a secondary listing on the Hong Kong Stock Exchange.
In September, the company said it would instead pursue a domestic equity placement to support fleet investment and strengthen its capital structure.
Guohang has traditionally concentrated on dry bulk shipping, with its latest investment plans signalling an expansion into product tankers and specialised multipurpose tonnage.
Its earlier shipbuilding activity includes methanol-capable bulk carrier projects and a series of conventional bulk carrier investments.
The new Hong Kong companies will also provide additional capacity for future shipowning arrangements beyond the initial six-vessel programme.
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Adis Ajdin
Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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