Big Motivation, Jumbo Ambitions

Zhejiang Shipping Group (“ZOSCO”) is working closer to its goal of joining the ranks of COSCO Group and China Shipping Group. The Zhejiang based shipping company has been rapidly expanding its dry bulk fleet over the past year and has recently signed a strategic agreement worth RMB 4 billion (USD 588 million) with Bank of Communications and Bank of Communications Leasing for the financing of 21 bulk carriers of sizes between 27,000 dwt and 57,500 dwt. It plans to expand its fleet capacity to 2 million dwt over the next three years with the eventual goal of reaching 5 million dwt in five years.

And to achieve that objective, ZOSCO is also busy preparing itself for an IPO in Shanghai this year. It plans to sell up to 100 million new shares to raise up to RMB 2 billion (USD 290 million) and the proceeds will be used to acquire 10 capesize newbuildings to be delivered in 2012. Established in 1980, ZOSCO is a subsidiary of state-owned transportation investment enterprise Zhejiang Communications Investment Group. It currently owns and operates 12 Panamax Bulk Carriers and Capsize Bulk Carriers.

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