China Shipping adds 5th 9,600-TEU ship, share price surge baffles

China Shipping adds 5th 9,600-TEU ship, share price surge baffles

China Shipping Container Lines on Tuesday received the fifth in a series of eight 9,600-TEU containerships ordered from Samsung Heavy Industry Co.

   The 'Xin Xiang Gang' was delivered at Samsung's Koji Shipyard and will be deployed by the Chinese carrier in the Asia/Europe trade.

   In a separate matter, China Shipping has commented on the rise to its share price and trading volume experienced earlier this week, and said that one of its subsidiaries is negotiating to buy shares in an unnamed company from a 'connected' person.

   'Such proposed share acquisition is still at its negotiation stage and no agreement has been reached by the parties at this stage. It is currently expected that the proposed share acquisition will not constitute a notifiable transaction,' the company said in a statement to the Hong Kong Stock Exchange.

   'Save as aforesaid, the board is not aware of any reasons for such increases in the share price and trading volume of the shares of the company,' China Shipping said.

   The share prices of a number of Asian shipping lines surged on Monday following improved market forecasts from Credit Suisse and other industry analysts.