Wuhan Steel Group to become the second-largest shareholder of CSD


It is reported that China Shipping Development Company Limited signed the equity transfer agreement with Wuhan Steel Group recently, which indicated thatCSCO and Wuhan Steel Group will respectively unrequited transfer 4.17% shares in China Shipping Development Company Limited and 2.97% shares Wuhan Steel Group to the other party. After that, Wuhan Steel Group will hold 4.17% shares in CSD, becoming the second-largest shareholder of CSD.

The capital tie built between the two groups may predicate a more close cooperation between shipowners and shippers.

Wuhan Steel Group is the major client of CSCO, while CSCO is one of the four big shipping groups in China, and its bulk carrier capacity is in the second place. Therefore, the cooperation between the two groups by transferring shares to each other is completely in conformity with China’s Opinions on the Sound Development of the Maritime Industry which was issued on September 3, 2014.

Source from : CNSS