China Shipping Development (SHA:600028, HKG:1138) announced that its directors have adopted written resolutions in lieu of a physical board meeting.

The written resolutions included one on the appointment of Xu Lirong, an executive director, as the vice chairman of the company and one on the establishment of China Shipping Bulk Carrier Co., Ltd.

In order to improve the professional management of China Shipping Development, streamline its internal management system and increase its business operation efficiency, the board agreed as part of the company's strategy to establish two wholly-owned subsidiaries, which will be responsible for the operation of dry bulk transportation and oil products transportation respectively, and to gradually inject the company's dry bulk vessel and oil tank related businesses into the two wholly-owned subsidiaries.