On October 14, Phoenix Shipping (Wuhan) Co., Ltd. issued the “Announcement on the Plan to Purchase Dry Bulk Cargo Vessels”.
Phoenix Shipping (Wuhan) and its wholly-owned subsidiary plan to purchase dry bulk vessels for up to US$60 million (or its equivalent in other currencies, subject to actual purchase price) using proprietary funds (including self-raised funds). The transaction is subject to approval by the company’s shareholders.
Phoenix Shipping (Wuhan) stated that this move aims to expand the company’s shipping capacity, optimize its fleet structure, and enhance market competitiveness and profitability.
According to public records, Phoenix Shipping (Wuhan) is a wholly-owned subsidiary of Chang Jiang Shipping Group Phoenix, established on June 15, 1992. Its business scope includes domestic freight forwarding, domestic ship agency, ship leasing, ship sales, and ship towing services. It is jointly owned by Shanxi Changzhi Nanye Industrial Group Co., Ltd. and Huayuan International Land Port Group Co., Ltd.