sinotrans-shipping-to-float-35-of-company

Sinotrans Shipping to float 35% of company

The first of two shipping companies to seek a Hong Kong listing is banking on higher freight rates and aggressive fleet expansion to boost its earnings.
Chinese shipping services provider Sinotrans Shipping is kicking off the institutional roadshow today for a Hong Kong initial public offering that aims to raise up to HK$11.45 billion $1.47 billion.

As ChinaÆs largest dry-bulk shipping company in terms of the size of its self-owned fleet, the company is benefiting from the continued rise in dry-bulk freight rates that is driven primarily by ChinaÆs seemingly insatiable demand for commodities. SinotransÆ plan to aggressively expand its shipping capacity over the next few years should also support a significant improvement in earnings, syndicate analysts believe.

Aside from its fleet of 26 dry-bulk vessels that are used to transport goods such as iron ore, coal, grain and...
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