The Chinese bulker owner plans 12 subsidiaries as it prepares a RMB2.49 billion vessel programme and shifts its equity fundraising from Hong Kong to the mainland.

Fujian Guohang Ocean Shipping (Group) Co., Ltd. plans to establish 12 wholly owned subsidiaries in Hong Kong, preparing the corporate structure for an expansion into tankers and multipurpose heavy-lift shipping.

Six of the companies will each be assigned to a vessel under its proposed RMB2.49 billion investment programme, comprising three 115,000-dwt LR2 tankers and three 62,000-dwt multipurpose heavy-lift ships. The move connects Guohang’s fleet diversification plans with preparations for financing, contracting and international operations.

The Beijing Stock Exchange-listed company disclosed the subsidiary proposal on October 12, following board approval on October 8. Each entity will have subscribed capital of $100,000, totalling $1.2 million, and will be wholly owned through Guohang’s existing Hong Kong holding subsidiary.

Registration remains to be completed. No specific vessels have been identified for the other six companies, which form part of preparations for future capacity growth and changes to the group’s trading network.

The 63,500-dwt GH Pride at its delivery ceremony on January 14, 2026. The vessel belongs to Guohang’s existing dry bulk fleet; its proposed tanker and heavy-lift programme would extend the company into new shipping segments.

The planned vessels would broaden the cargoes Guohang can carry. LR2 tankers would establish a presence in long-range oil transportation, while the multipurpose ships would combine conventional dry cargo capability with onboard lifting capacity for wind-power equipment, offshore components and other large project cargoes.

Guohang’s investment documents identify a wider cargo base and a more balanced fleet portfolio as objectives. The company also sees diversification as a way to moderate exposure to individual shipping cycles.

Achieving those benefits will require capabilities beyond vessel ownership. Tanker operations demand specialised safety management and customer approvals, while heavy-lift shipping requires cargo-specific planning for lifting, stowage and securing. Commercial relationships and operating expertise will therefore matter alongside the delivery of new ships.

Guohang has already taken a step towards building its tanker business. On September 11, it signed a cooperation framework agreement with COSCO SHIPPING Energy Transportation covering cooperation in newbuilding tanker operations. The companies discussed opportunities in vessel investment, operating models and ship construction.

The partnership offers a route to work with an established energy-shipping operator. Public disclosures have not, however, specified charter periods, freight rates, revenue-sharing arrangements or guaranteed returns for the proposed vessels.

Representatives of Guohang and COSCO SHIPPING Energy Transportation met on September 11, 2026, when the companies signed a framework agreement to develop cooperation in newbuilding tanker operations.

The Hong Kong expansion builds on an established overseas structure. Guohang has previously disclosed the formation of single-ship companies in Hong Kong and operating entities in Singapore, supporting vessel ownership, chartering and fleet management.

Its 63,500-dwt bulker GH Pride provides an example of how that structure works. A Hong Kong subsidiary arranged finance leasing for the vessel, with guarantees provided by the listed parent and its controlling shareholder. Separate vessel entities can organise contracts and financing around individual assets, although group guarantees remain relevant when assessing how risk is shared.

The latest corporate expansion also follows a change in Guohang’s equity-financing strategy.

On September 21, the company abandoned preparations for a Hong Kong H-share listing, citing the macroeconomic environment, capital-market conditions and its development plans. It instead proposed a private placement of mainland-listed A-shares. The change redirects its equity fundraising while its Hong Kong operating platform continues to expand.

The placement would raise up to RMB700 million, allocating RMB680 million to the vessel programme and RMB20 million to working capital. Shareholders approved the issuance proposal and draft fundraising document on October 8; completion remains subject to the subsequent regulatory process.

The proposed vessel allocation would cover approximately 27.3% of the project budget, leaving about RMB1.81 billion to be covered through other funding sources. Financing costs, repayment schedules and shipyard payment terms will consequently be important to the programme’s execution and eventual cash generation.

Guohang estimates a two-year project development and construction period. Its investment documents say shipyards will be selected after considering quotations, delivery schedules and payment terms; specific shipbuilding contracts and delivery dates have not been disclosed. The investment budget therefore remains distinct from signed contract values.

The Hong Kong entities provide an organisational foundation for the expansion. Shipyard selection, financing commitments and vessel employment agreements will determine how—and when—the proposed tanker and heavy-lift businesses become operating capacity.