Shandong Shipping has announced that it has applied for the listing on National Equities Exchange and Quotations (NEEQ).

The controlling shareholder of the company, Shandong SASAC (State-owned Assets Supervision and Administration Commission) expects to use the raised funds to “ease financial pressure and make more efficient investments” it said.

Shandong Shipping currently operates 34 vessels, mostly bulk carriers and VLGCs, and by capacity is ranked the fifth largest operator in China after Cosco, China Shipping, Sinotrans & CSC and China Merchants Group. It entered the offshore sector in 2014, ordering four jackup platforms at Waigaoqiao Shipbuilding.