China Shipping Group, the world's sixth largest shipping conglomerate by capacity, is seeking diversification to expand its global presence into the cargo terminal business through domestic and international acquisitions.
The shipping conglomerate set to sign another co- operation agreement later this month with a container terminal in Egypt's Mediterranean port of Damietta following a deal sealed with Yingkou Port Group. It plans to take a 20 percent stake in the terminal. The group is eager to increase its presence in the port business globally and will inject assets acquired into CSCL, the group's cargo shipping spin- off. The president of China Shipping Group, Mr. Li Shaode says that they not only consider Yingkou Port as one of the most profitable ports in China but they are also heeding the 17th Communist Party Congress call to help build and strengthen related industry in northern China, which can benefit their business at the same time. China Shipping Group intends to go ahead with CSCL's A-share listing and the proceeds will be used to build more ships and acquire ports.
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