Tianjin Marine’s Newbuild Financing Plans on Track

China Securities Regulatory Commission has verified and approved  Tianjin Marine’s application for issuance of shares the proceeds of which will be used to finance the company’s newbuilding plans.

According to the company’s filing with Shanghai Stock Exchange, the non-public sale will cover up to 3.44m shares.

The proceeds will be streamlined toward financing construction of 10 Very Large Crude Carriers (VLCC) and an LNG carrier quartet, estimated to be worth approximately USD 400m.

Within the framework of the its fleet renewal plan, the company said that it would raise up to USD 1.96 billion to help finance the purchase of the fourteen new vessels.

In terms of capacity, the carriers are said to feature from 160,000 cum to 175,000 cum.

The builder of the said ships will be selected via public bidding process.

Tianjin Marine Shipping, a subsidiary of Hainan Airlines Group (HNA Group),  signed a letter of intent with Dalian Shipbuilding Industry (DSIC) for the construction of the said LNG carriers in April last year.

World Maritime News Staff

 

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >