Biz Scene: MARKET

Fleet expansion

Sinotrans Shipping Ltd, poised to sell shares in Hong Kong, aims to almost quadruple its dry-bulk shipping fleet in the next five years because of China's rising commodities imports.

The shipping line plans to raise its dry-bulk capacity to as much as 5 million deadweight tons from the present 1.3 million deadweight tons by buying new vessels, it said in a statement at a media briefing about its HK$11.45 billion initial public offering.

The Hong Kong-based company also plans to increase its oil tanker fleet to as much as 1.8 million deadweight tons from 832,000 deadweight tons over five years, it said.

Beer bonds

Tsingtao Brewery Co, China's second biggest beer maker, plans to raise as much as 1.5 billion yuan selling bonds in China to expand production.

The company will sell 6-year bonds with call warrants for shares, it said in a Hong Kong Stock exchange statement.

The bond sale will help finance six projects, costing a total of 1.9 billion yuan, including the construction of new beer production facilities in Chengdu, Xuzhou and Rizhao, the statement said.

The brewer resumed trading in Hong Kong and Shanghai yesterday after halting its shares on November 9, pending the announcement.

(China Daily 11/13/2007 page15)