Chinese asphalt tanker owner Xin Yuan Ocean Shipping has given the go-ahead for its initial public offering, and is seeking net proceeds of between $14.3m and $20.2m to expand its fleet.
The Fuzhou-based private shipowner plans to use the bulk of the money to order two 21,000-dwt asphalt tanker newbuildings.
The company, whose name is sometimes transliterated into Shun Yuen, is offering 25% of shares to the public on the Hong Kong Stock Exchange, under the name of holding company Xin Yuan Enterprises Group.
