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Shaanxi coal trader ups stake in CSC Phoenix

Chinese domestic dry bulk shipping operator CSC Phoenix has announced that Shaanxi-based Nanye Group, the third largest shareholder of the company, has increased its shareholding in the company to 5%.

Following the share acquisition, Nanye Group has become the second largest shareholder of the company and Nanye said it may further increase shareholdings in CSC Phoenix in the next twelve months.

Tianjin Shunhang Shipping is currently the largest shareholder of CSC Phoenix, owning 17.89%. In February, a court in Tianjin ruled to liquidate Tianjin Shunhang after the company filed for bankruptcy.

CSC Phoenix said the liquidation of Tianjin Shunhang Shipping will not affect the company’s operation immediately, but may result in an ownership change of the company.

Nanye Group is a large scale coal trader in Shaanxi, and also involved in the businesses of iron ore and steel products.

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