On April 29, Xingtong Shipping issued an announcement stating that the company and its subsidiaries plan to invest in the construction of four 13,000 DWT stainless steel chemical tankers for foreign trade, with a total investment of no more than RMB 732 million (approximately US$107 million) and a cost of no more than RMB 183 million per vessel.
The announcement disclosed that the overseas investment has been reviewed and approved by the third meeting of the third board of directors’ strategy committee and the seventh meeting of the third board of directors of Xingtong Shipping, and does not need to be submitted to the company’s shareholders’ meeting for review.
Xingtong Shipping stated that the new high-end, green, and intelligent stainless steel chemical tankers are more in line with international shipping development trends and global regulatory requirements. This investment aims to implement the company’s strategic development plan, optimize its fleet structure, expand its international business, and enhance its core competitiveness.
The funds come from the company’s own capital and bank loans, and do not constitute a related-party transaction or a major asset restructuring. The company will continue to focus on its core shipping business, leveraging the new ship deployment to further expand its international market and consolidate its leading position in the industry.
According to its official website, Xingtong Shipping was established in December 1997 with a registered capital of RMB 325 million. It mainly engages in the global waterborne transportation of bulk liquid dangerous goods, including chemicals, refined oil products and liquefied petroleum gas (LPG).
According to the company’s annual report summary released in early April, Xingtong Shipping currently owns 40 vessels of various types, with a total capacity of 501,300 deadweight tons. Its international routes cover 47 countries and regions, calling at 214 ports worldwide, demonstrating a solid foundation for international operations. The planned construction of four 13,000-deadweight-ton stainless steel chemical tankers precisely aligns with current international market demands and environmental regulatory trends.