Phoenix Shipping plans dry bulk vessel acquisition, corporate governance overhaul

Chang Jiang Shipping Group Phoenix (000520) announced plans to acquire dry bulk vessels totaling up to $60 million, funded by internal and borrowed capital. This strategic move aims to expand the company's fleet and enhance its market competitiveness. The acquisition, which constitutes 64.59% of the company's latest audited total assets, requires shareholder approval.

In conjunction with the vessel acquisition, the company will seek a loan of up to 330 million yuan from Shanghai Jin Neng International Trade Co., Ltd., a related party. The loan, bearing interest no higher than the LPR, will be secured by vessel assets. This transaction is considered a related-party transaction and is subject to shareholder approval, with related shareholders abstaining from voting.

Further, the company plans to revise its Articles of Association, transferring supervisory board functions to the audit committee to streamline governance. Numerous internal policies, including those governing shareholder meetings, board meetings, and related-party transactions, will also be updated or abolished. These corporate governance changes and the dry bulk vessel acquisition are scheduled for shareholder consideration at the second extraordinary general meeting on October 30, 2025.