INOTRANS and CSC Invests RMB40 Billion in Building its Shipping Headquarters SINOMARINE Settles in S

 
SINOTRANS and CSC Invests RMB40 Billion in Building its Shipping Headquarters
SINOMARINE Settles in Shanghai Free Trade Zone (SHFTZ)

 
  On November 2nd, China Sinomarine Shipping Co., Ltd. (SINOMARINE) opened its business in Shanghai. It is the shipping headquarters of SINOTRANS & CSC with a total investment of RMB40 billion, which will be committed to managing and developing the shipping business of the entire Group in a comprehensive manner. Zhao Huxiang, President and Party Secretary of Sinotrans & CSC, and Li Zhen, Assistant to the President of Sinotrans & CSC and General Manager of Sinomarine, attended and unveiled the opening ceremony. Also present were Zhang Jianwei, Board Director of Sinotrans & CSC, Zhuning, Vice President of Sinotrans & CSC, and Song Dexing, Vice Chairman of Sinotrans & CSC. 
 
On the same day, Sinotrans & CSC signed four contracts with its partners respectively: one contract with China Shipbuilding Industry Corporation (CSIC) of producing six 38,000 dwt lumber/bulk carriers; one contract with China State Shipbuilding Corporation (CSSC) of producing four 1900TEU container ships; one contract with Guangzhou Shipyard International Co., Ltd. (GSI) of producing two 50,000 dwt oil tankers; and the Strategic Cooperation Agreement with China Classification Society (CCS). 
 
Shipping is the pillar of Sinotrans & CSC. It is one of the three major businesses of the Group – logistics, shipping, and shipbuilding industry, and is also the company’s largest business in the size of assets.  Sinotrans & CSC was established with the merging of China National Foreign Trade Transportation (Group) Corporation (SINOTRANS) and China Changjiang National Shipping (Group) Corporation (CSC) in 2009. To achieve effective collaboration and improve competitiveness, Sinotrans & CSC has constantly stepped up efforts to integrate its resources since 2010. So far, it has completed the construction of the management platform for its three core businesses. 
 
Sinomarine has more than 10 branch companies in Northwest China, East China and South China, as well as a number of subsidiaries in Hongkong, Singapore, Canada, Germany and the UK. Its businesses include dry bulk transport, oil tanker service, container transport, roll-on/roll-off transport, general cargo transport, ship management, fuel trade, crew training and dispatch. Until now, its overall shipping capacity, with all its ships owned and held, is over 12 million dwt; and its available ship order is around 1 million dwt. 
 
From 2014, Sinotrans & CSC has embarked upon a healthy development path, with a total profit of RMB2.77 billion. From January to October 2015, the Group has significantly increased its business growth, recording a total profit of over RMB4 billion. Despite the overall downturn in the shipping market, Sinomarine has achieved business revenue of RMB10.8 billion and a total profit of RMB690 million from January to September this year. 
 
Mr. Li Zhen, General Manager of Sinomarine, said that after the company is established, it will keep in line with Sinotrans & CSC’s shipping strategy, introduce the Group’s shipping resources step by step, and ensure that the company’s business scope will finally cover all shipping business lines of the Group. 
 
Shanghai is of strategic importance for Sinotrans & CSC. To date, the Group has 120 branch companies in Shanghai - including 54 wholly-owned subsidiaries, 50 holding subsidiaries, 16 joint stock companies, with a total asset of RMB50 billion. Its businesses cover shipping, port, and integrated logistics. As early as June 2010, Sinotrans & CSC signed a strategic cooperation agreement with Shanghai municipal government. The Group chose to settle its headquarters in Shanghai for two reasons: first, it is a major step to further promote and implement the strategic cooperation agreement; second, Shanghai is perceived to present huge opportunities for pushing forward the development of “Two Centers” and Free Trade Zone.  
 
Officials and representatives from Shanghai municipal government and Pudong New District, Shanghai transport commission and marinetime administrative organizations, China Classification Society, China State Shipbuilding Corporation, China Shipbuilding Industry Corporation, China Ocean Shipping Company, China Shipping Container Lines, China Merchants Group, Sinopec, PetroChina, banking and financial leasing companies, maritime institutes, Chinese Society of Navigation, and China Shipowners Association witnessed the opening ceremony of Sinomarine and the signing of major contracts with its partners. 
 
 (Source: Global Logistics News)
 
     
     

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