China Shipping Group has launched its financial leasing arm China Shipping Group Leasing Company and signed the first leasing deal on the opening ceremony.

China Shipping Group Leasing inked a RMB100m finance leasing contract with an unnamedprivate shipping company in Shanghai for an inland river barge newbuilding project.

“The company aims to be very profitable and become a pillar industry of China Shipping Group in the coming five years,” said Zhang Guofa, general manager of China Shipping.

Earlier this year, the Ministry of Commerce and State Administration of Taxation announced that 12 companies would be allowed to foray into the finance sector, with ChinaShipping being the only one involved in the shipping industry.