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Equity Restructuring of Hainan Harbor & Shipping Holding Co., Ltd. Completed

Date:2019-12-02 Read times: font size:[ L M S ]

On November 27, M.V. Xin Huang Pu blew the whistle at Haikou Xiuying Port, which marked that Hainan Harbor & Shipping Holding Co., Ltd. completed equity restructuring and started operations. Mr. Shen Xiaoming, Deputy Secretary of Hainan Provincial Party Committee and Governor of Hainan Province, attended the sailing ceremony of the company. Capt. Xu Lirong, Chairman of COSCO SHIPPING, announced the establishment of the newly restructured company.  Mr. Ni Qiang, Secretary General of Hainan Provincial Government, Mr. Huang Xiaowen, Executive Vice President of COSCO SHIPPING, and representatives from related central government organs stationed in Hainan, departments directly under the provincial government, some local departments, ports, financial institutions and enterprises attended the ceremony. The sailing ceremony was chaired by Mr. Wang Shanhe, the newly appointed Chairman and Party Secretary of the company.

On July 2, 2018, the Hainan government signed a strategic cooperation agreement with COSCO SHIPPING and the two sides agreed to jointly build, through Hainan Harbor & Shipping, a platform for port resources integration and investment operation, and to promote the construction of Hainan Free Trade Zone (Port) by prioritizing the development of ports and shipping. Previously, Hainan Harbor & Shipping was a provincial SOE controlled by the State-owned Assets Supervision and Administration Commission of Hainan Province. As the largest port group in Hainan, it governed four port areas in the province, including Xiuying Port, Xinhai Port, Macun Port and Yangpu Xiaochantan, with a total container throughput accounting for about 89% of all local ports. Following the equity restructuring, a COSCO SHIPPING subsidiary has gained control over Hainan Harbor & Shipping through equity transfer and become the largest shareholder and actual controller of the company.

Mr. Huang Xiaowen said in his speech that ports and shipping are basic, leading and strategic resources that support Hainan in building a free trade zone (port), aligning with the construction of the Belt and Road and a new western land-sea trade corridor, and further integrating itself into the global logistics supply chain and industrial cooperation. As the most important port company and a leading shipping company for the Qiongzhou Strait channel, Hainan Harbor & Shipping is a major functional platform which will help Hainan to implement the national strategy of building a gateway to the Pacific and Indian Oceans.

As one of the earliest centrally-administered SOEs signing strategic cooperation agreements with the Hainan government, COSCO SHIPPING has made good use of its global shipping network and synergy of various industries and actively participated in the construction of Hainan Free Trade Zone (Port). From January to October 2019, relying on Yangpu Port, the corporation opened three container routes for domestic trade and six routes for foreign trade, initially establishing a transit route network with Yangpu at the core and connecting domestic ports while extending to Southeast Asia and South Asia. Driven by these new routes, the annual container throughput of Yangpu Port rose by 20% year on year during this period. The container throughput of foreign trade more than doubled with a year-on-year increase of 122%, effectively enhancing the connectivity of Hainan and the building of Yangpu into an international container hub in the region. In addition, Hainan is home to China’s largest container shipping e-commerce platform for domestic trade and 12 bulk carriers with a total capacity of 1.55 million DWT, which will play an active role in developing the headquarters economy and cultivating shipping market elements in the province. Next, COSCO SHIPPING will leverage its superior resources as the world’s largest shipping company and provide strong support in capital, shipping routes, brand, industry, talent and management for Hainan’s port capacity improvement, shipping network building, fostering of port-based industries, development of cruise tourism and integration of the Qiongzhou Strait to the construction of Hainan Free Trade Zone (Port).



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