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Shipping Firm Needs Upgrading
The Chinese-Polish Joint Stock Shipping Company (CHIPOLBROK), the first sino-foreign company to be established after the founding of the People's Republic of China in 1949, is facing reform challenges to its ownership system in the new century.
"The company's current ownership, of 50-50 stakes held by the Chinese and Polish governments, is not up to World Trade Organization standards," said Zhao Jide, the Chinese general director of the company.
Zhao believes there will be no restrictions on whether China or Poland holds the major share after the reform.
"The key is to find an appropriate partner who is really interested in our company and shipping business," Zhao said.
CHIPOLBROK was established in Tianjin in 1951 and was the first stock company to fight the embargo most foreign countries put on New China. Since then, it has devoted itself to the development of China and to aiding economic and democratic exchanges between China and East European countries.
The company has transported materials for almost all the landmark projects in the People's Republic, such as Shanghai Baosteel and the metro lines in Shanghai and Guangzhou.
However, in the new era and with a new market economy, the company has had to prepare itself for less governmental interference and increased competition, according to Zhao.
"I believe this transformation will not be very speedy but it will be smooth," said Zhao, who, along with the Polish General Director Jerzy Korecki, manages the 20-ship company headquartered in Shanghai.
At the moment, the company, whose major strength is its non-container cargo ships, is upgrading its ships in order to take a share of a market which is increasingly favouring container ships.
The company signed an agreement of intention last week with the Shanghai Shipyard for four 30,000-ton ships, after receiving bids from another seven shipyards both at home and abroad.
The final agreement could be signed in July, according to Korecki.
Furthermore, the company needs to bid for more projects, "to acquire customers all over the world," says the company's management.
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