China's Shandong Shipping Corp has suspended trading its shares in anticipation of a "major asset reorganisation". The suspension is effective today.
No specific information was released on the impending move. Company officials could not be immediately contacted for comment.
The company, headquartered in Qingdao, is listed on China's "New Third Board" over-the-counter share trading system for small and medium sized companies, but its illiquid stock is closely controlled by a consortium of industrial and construction related companies owned by the Shandong provincial government.
Recent notable moves by Shandong Shipping include a large order for capesize bulkers at Shanghai Waigaoqiao Shipping (SWS) on behalf of German energy company RWE, and a bid to acquire five Brightoil Petroleum VLCCs.
Its main division headquartered in Shandong operates an extensive fleet of bulkers up to VLOC, with a large capesize newbuilding programme at Shanghai Waigaoqiao, and has more recently broken into the MR tanker sector.
Its Pacific Gas subsidiary, headquartered in Shanghai and controlled together with private equity fund Kylin Capital, is a major VLGC owner.
A third affiliated entity is developing specialised offshore tonnage at the Raffles Yantai shipyard for the North Sea decommissioning market.
Through its Singapore-based SDTR joint venture with partner Transcenden, Shanghai Shipping Corp controls an extensive fleet of kamsarmaxes, nine delivered and five under construction.
