China Shipping Haisheng, a listed unit of China Shipping Group, has announced that it is going to dispose of 29-year-old 39,000dwt bulker Chang Bai Shan, which is currently operated by its subsidiary Guangzhou Zhenhua Shipping.

China Shipping Haisheng is looking to raise funds and plans to apply for a RMB500m (US$80.65m) loan from China Shipping Group Finance Company as well as issuing RMB2bn ($322.6m) worth of new shares.

China Shipping Group is currently trying to give up its control of the company by selling its 14.11% stake in the subsidiary.