December 9, 2004

China Shipping sets up ship management company

China's largest ship-management company has been established. Its avowed purpose? "To catch up with the world's largest--V-Ships Company," China Daily reports Wang Xiangyun, secretary of the newly-established China Shipping International Shipmanagement Co Ltd (CSISC) as saying.

The company aims to managing several hundred overseas ships by 2010, challenging V-Ships by putting some 600 ships under its management.

CSISC, launched by China Shipping Company (CSC), is a merger of companies in Guangzhou, Shanghai and Dalian.

Setting up a ship management company is part of CSC's strategy for a new-round of development in the next five years, sayd Li Kelin, president of CSC and chairman of CSISC.

The newly-established company now reportedly manages 76 ships, including 20 from the United Kingdom, the United States, Japan, Russia and Hong Kong, says Cina Daily.

Wang said the next step is to manage CSC's own 400 ships to enlarge its business.

CSISC, with a registered capital of 500 million yuan (US$60 million), has plans to increase its supply of seafarers by 500 students annually in the next two years by enrolling both university graduates and those with high scores in nationwide entrance examination who failed to enter college.

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