China: COSCO Shipping plans $2b share sale to build ships

Stacked containers, the Port of Le Havre, Seine Maritime, France, Thursday, November 1, 2006. Photographer: Andrew Wheeler/Bloomberg News

COSCO Shipping Holdings said on Monday it would raise 12.9 billion yuan ($2 billion) through a share sale to build new ships as it returned to profit for the first nine months of the year.

The Chinese shipping giant reported a profit of 2.7 billion yuan for the nine months to September, after making a loss of 9.2 billion yuan over the same period last year.

Having flagged that it would post a profit earlier this month, it also posted revenues of 67.6 billion yuan as a global recovery in freight rates gathers pace.

COSCO Shipping, which suspended trading in its mainland-listed shares last Thursday, said it would undertake a private placement to fund the building of 20 container ships, six of which will be able to carry over 21,000 twenty-foot containers. Trading in its shares will resume on Tuesday.

The container shipping industry entered a period of recovery this year after a prolonged slump, which has prompted shipping lines to contemplate new ship orders. In September, France’s CMA CGM said it would order nine giant container ships from Chinese shipyards.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.