In a bid to be consistent with the company’s future strategic positioning, China Shipping Container Lines has announced that it will be changing its name to China Shipping Development, according to JOC.com.
The change will be in line with the carrier’s ongoing transformation, as it moves from being a shipping line operator to what has been outlined as an integrated financial services platform.
A company filing said: “Save for the change of stock short name to be announced by the company, the trading arrangements for the H shares of the company on the Stock Exchange of Hong Kong will not be affected.”
PTI previously reported that China Shipping Container Lines had recently formed an alliance with third-largest carrier CMA CGM, as well as Evergreen Line and Orient Overseas Container Lines.
The new alliance plans to begin operations in April, 2017, for an initial period of five years.
This was followed by news that the Chinese carriers were looking to break into the energy transportation sector.
In a move that would help it secure its position in the market, it recently announced that it had officially launched one of the world’s largest tanker fleets.
The launch is said to be the first step for allowing the carrier to become a market leader for energy transportation in both China and the rest of the world.