Nan Fung’s shipping business was established in 1975, as the company began diversifying from its textile business. It is mainly run through another investment holding company registered in the Republic of Liberia, Nan Fung Shipping Limited, owned by our Chairman. The business grew steadily over the years to bring an annual turnover of approximately HK$200 million by the 1990s.
At the end of 2002, however, we embarked on an expansion programme with the aim of revitalizing our shipping operations. We acquired five used bulk carriers of a total tonnage of 564,000 DWT. Three new container vessels of 5,576 TEU each were also ordered and delivered in 2005.
Bringing Energy to the World
That same year, we diversified to include oil tankers in our fleet. We ordered and received two new oil tankers of 105,400 DWT tonnage each. This was followed by our acquisition of six new oil tankers of approximately 550,000 DWT tonnage in total and one very large crude carrier of 281,000 DWT tonnage. Delivery of these seven vessels will be completed by 2009.
Long-term bareboat charters were concluded with reputable charterers.
Navigating with Experience
By 2009, when we have our complete fleet, we expect our annual turnover to be in excess of US$90 million. Like our textile business, our shipping operations showcase our tremendous foresight and readiness to innovate. In the increasingly competitive maritime sector, Nan Fung’s experience and long-term view has given our company a strong advantage.