CSCL to list in Shanghai to grow fleet

CHINA Shipping Container Lines (CSCL) plans for a listing on the Shanghai bourse before the year is through.

A Reuters report said money raised from the IPO would be used to expand the mainland line's fleet by 44 per cent during the next four years.

The carrier hopes to raise US$1.6 billion with the offering, or the equivalent of around a fifth of its share capital, with most of the funds to be used to acquire ships that will boost its capacity to 630,000 TEU by 2012 from 437,000 TEU today.