Zhejiang Ocean Shipping (Zesco) is planning to list on the Shanghai Stock Exchange in 2009, reported state media. The firm’s initial public offering (IPO) will raise up to US$293 million in capital to fund the company’s new purchase of 10 Capesize bulk carriers, due in 2012. Zosco, which focuses on transporting coal and iron ore, is the largest ocean shipping company in Zhejiang province. The firm reported revenues of US$117 million in 2009. Last year, China imported 630 million tons of iron ore, which constituted almost 52% of global iron ore shipments and represented a 42% increase over 2008 levels.
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