On November 6, Xingtong Shipping Co., Ltd (hereinafter referred to as”Xingtong”) released an announcement about its subsidiary’s investment in the construction of stainless steel chemical tankers and the provision of guarantees.
The announcement disclosed that the board of directors of Xingtong agreed that the company’s subsidiary, Xingtong Kaicheng Shipping Co., Ltd. (hereinafter referred to as “Xingtong Kaicheng”), would use no more than RMB 1.4 billion (excluding tax) to build two 25,900 DWT methanol dual-fuel foreign trade stainless steel chemical tankers and four 13,000 DWT foreign trade stainless steel chemical tankers, and provide a guarantee of no more than RMB 660 million for the construction contract of the two 25,900 DWT methanol dual-fuel foreign trade stainless steel chemical tankers. The above amounts are subject to the actual signed agreement.
Xingtong stated that the investment is in line with the company’s “1+2+1” strategic development plan and the supply and demand situation in the international chemical shipping market. It will help to further optimize the company’s fleet structure, expand the company’s liquid dangerous goods transportation business, and enhance the company’s operational management capabilities and market competitiveness. At the same time, it will help the company to better serve customers, adapt to market changes, respond to customer needs, and provide better quality transportation services.
Xingtong Shipping was established in December 1997, with a registered capital of RMB 280 million, and is mainly engaged in the global water transportation business of bulk liquid dangerous goods. After years of growth, the Company has become a leading enterprise in the domestic coastal bulk liquid chemical shipping industry, occupying a prominent position in the market segment. Currently, the Company controls a total of 43 bulk liquid chemical tankers, product oil tankers and LPG carriers, with a total capacity of 558,800 DWT. Of these, 31 are domestic vessels with a combined capacity of 339,700 DWT, and 12 are international vessels with a combined capacity of 219,100 DWT.