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CSCL hopes to raise $1.6 billion from Shanghai listing

CHINA Shipping Container Lines (CSCL) hopes to raise CNY12 billion (US$1.6 billion) in an initial public offering (IPO) in Shanghai, according to The Oriental Morning Post.

CSCL plans to issue 2.3 billion shares, which is 20 per cent of its enlarged share capital, said the report.

CSCL managing director Huang Xiaowen said the money raised would also be used to enlarge its fleet and acquire terminals.

China Shipping Group president Li Shaode said the company will inject all of its terminal assets into CSCL, adding that the group is aiming to turn CSCL from an ocean carrier into an all-around logistics operator by 2010.

Mainland China ports' container throughput is expected to surpass 100 million TEU by then end of this year. 10 per cent of these boxes will be carried by CSCL, according to the report of Xinhua.

CSCL's first half figures for the year saw domestic revenue surge 96 per cent, while its volumes rose 55 per cent, giving them a domestic market share of over 40 per cent for the period.

Comparing to the global shipping market, the domestic shipping market is less fierce in competition and higher in profit margin, said Mr Huang. Fifty per cent of CSCL's ships are suitable for domestic shipping, with a capacity of over 60,000 TEU.

Mr Huang Xiaowen pointed out that faster speed and larger capacity has been the propellant in the line's consistent profit growth.

From November, China Shipping has been operating a fleet of 155 container ships with the world's sixth largest capacity of 450,000 TEU.

Mr Huang said CSCL will continue to expand its fleet, with over 180 ships and a total capacity of 630,000 TEU by 2011.

China Shipping Group has been strengthening its terminal investments since October. The group is operating 16 terminals with 35 berths and a capacity of 18.5 million TEU in the Bohai Rim, Yangtze River Delta and Pearl River Delta.

Mr Li Shaode said the group plans to make more terminal investments and raise the berths it operates to 60 with a capacity to 36 million TEU.

Nov-22-2007