The shipping subsidiary of a Shanghai commercial conglomerate is stalking the depressed bulker market and has told stock market investors it is in a buying mood.
Chief executive William Xu (Xu Zhenghua) of New Seas Navigation (NSN) is downplaying the big plans in his company’s recent prospectus, which proposes putting CNY 1bn ($162m) to work in buying seven secondhand ships.
“It depends on pricing and timing,” said Xu.
