COSCO shipping specialized carriers extends cash management, reappoints leadership

COSCO Shipping Specialized Carriers Co., Ltd. held its first extraordinary general meeting of shareholders on September 25, 2025. Key resolutions included the approval of a related-party transaction concerning the bareboat charter of four 9,000 DWT specialized liquid cargo vessels for its wholly-owned subsidiary and the appointment of the 2025 auditor. Shareholders also approved financing guarantees for 2025 and revisions to the company's articles of association and procedural rules, including the cancellation of the supervisory board.

Concurrently, the ninth board of directors' first meeting on September 25, 2025, approved the re-election of Zhang Wei as chairman. The board also reappointed key senior management including Huang Nan as general manager and Li Jichun as chief accountant, effective until the end of the current board term. Gu Weidong resigned as deputy general manager due to work reassignment.

In a separate announcement, the company extended its authorization to use idle raised funds for cash management by six months, from September 27, 2025, to March 26, 2026. This allows for an investment of up to RMB 3 billion in principal-protected, highly liquid products. This decision aims to enhance capital efficiency without impacting project timelines, with the total raised funds having already contributed RMB 4,622,100 in interest and cash management income.