NBOSCO seeks US$160 million for newbuildings and containers

Chinese intra-Asia carrier Ningbo Ocean Shipping Company (NBOSCO), the liner unit of Ningbo-Zhoushan Port Group, is seeking to raise CNY1.09 billion (US$160 million) through a private placement to fund its newbuilding orders and purchase containers.

Listed on the Shanghai Stock Exchange, NBOSCO released a prospectus last week, saying it wants to raise CNY891.8 million (US$131 million) to cover the cost of four 2,700 TEU ships under construction at CSSC Huangpu Wenchong Shipbuilding, and CNY194.4 million (US$28.5 million) to buy containers.