China Shipping Development Co has delayed the spin off of its dry-bulk cargo carrier operations into a new company to be listed on the Hong Kong Stock exchange, citing both regulatory requirements in the mainland and weak market conditions, the Wall Street Journal reported. The slump in dry-bulk shipping rates, the value of the shipping business to the parent company and the recent poor showing of the IPO by logistics company Cosco Holding also may have contributed to the delay, according to analysts. Last year, China Shipping's dry-bulk business brought in US$326.6m and constituted 42% of the company's total revenue.
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