The bidding for investment reshuffle of Fenghai Shipping after its bankruptcy has come to a close, which was once the largest private tanker owner in China with a shipping capacity of 28 vessels or 300,000 tons. Many prestigious companies participated in this bidding, including long and well-established China Orient Amc, stated-owned Yuanhai Xinda Shipping Investment(co-funded by COSCO Shipping and China Cinda Amc), and E-bridge Supply Chain Investment who has become well-known for its reconstruction in Zhoushan through Deloitte. However, a mysterious company, Shanghai Platinum, eventually won the bid with 1.3 billion RMB.
Shanghai Platinum is a specialized investment focusing on bad-assets management. It operates conservatively and always keeps a low profile so that almost no reports on it are available. According to insiders, the core members of this investment are all from the shipping financing team of Far East Leasing, allegedly “Father of financial leasing” in China in this area. This investment has been in operation for 5 years and has operated nearly 100 ships, including the business with Di Yuan Shipping, a giant in Guangdong Province.
It is reported that Fosun Capital has appreciated Shanghai Platinum from very beginning for its unique business model. However, the two sides did not go into cooperation because the initiator insists on sticking to shipping industry with an aim to forge Shanghai Platinum into a top investment in this area.
Source:Sarah Yu,XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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