Ningbo Port Group is divesting its feeder operating subsidiary, Ningbo Ocean Shipping Company (NBOSCO), through a separate listing on the Shanghai Stock Exchange.
[s2If is_user_logged_in()]Following a board meeting on 28 December 2020, it was decided that in order to “better integrate resources and expand and strengthen the shipping business”, plans were underway to list NBOSCO.
Less than half of NBOSCO’s shares would be floated, allowing Ningbo Port Group to retain control over the operator.
Incorporated in July 1992, NBOSCO now has paid-up capital of CNY900 million (US$139.28 million). NBOSCO operates routes between China, Japan and South Korea, moving around 200,000TEU of containers every month.
Ningbo Port Group stated that as its own port sees higher throughput, NBOSCO’s cargo volumes are growing in tandem. Ningbo-Zhoushan port is now China’s second-busiest container port after Shanghai
In 2020, NBOSCO’s immediate parent, Zhejiang Seaport Shipping, ordered eight feeder vessels from compatriot shipbuilders Yangzijiang Shipbuilding and Yangfan Group.
NBOSCO is the 38th largest liner operator, with total capacity of 35,588TEU, comprising 29 owned ships and 15 chartered vessels.
In 2019, NBOSCO achieved a net profit of CNY104 million (US$14.88 million), compared with CNY75.4 million (US$10.96 million) in 2018. In the first six months of 2020, net profit was CNY68.52 million (US$9.68 million).[/s2If]
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Martina Li
Asia Correspondent
