China Shipping Development, the country's largest crude oil carrier, said it will increase its borrowing over the next five years, the Standard of Hong Kong reported, citing a company executive. The company, which mainly carries oil and coal, expects to increase its gearing ratio to 40-45% from 15%, chief financial officer Wang Kangtian reportedly told journalists. The gearing ratio shows the proportion of the total capital of the firm that is loan capital. China Shipping this year had to drop plans to issue RMB2bn of convertible bonds in the A-share market after regulators in May stopped all refinancing by A-share companies pending completion of reforms aimed at the disposal of state-owned shares.
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