China Shipping to revamp assets

China Shipping Development has revealed that it plans to spend 20bn yuan ($2.81bn) over the next five years to double capacity to 18m dwt.

Parent company China Shipping Group chairman Li Shaode (pictured) also announced that CSD intends to purchase its parent group’s LNG shipping business. Additionally, Li stated that China Shipping is looking to sell 10 container terminals in China worth more than 2bn yuan ($281.4m) to its unit, China Shipping Container Lines (CSCL) as soon as possible. The terminals, which have a total of 30 berths, moved 18m teu of cargo last year.

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