Antong unveils $170m container plan after cancelling acquisition deals

SHANGHAI-listed Antong Holdings has announced plans to invest Yuan1.2bn ($167m) in new container equipment to support fleet expansion and the renewal of ageing assets.

The company said the investment aims to improve operational efficiency and service quality, while securing more stable long-term revenue, according to its filing to the exchange.

Antong, a Quanzhou-based container shipping company, reported strong first-quarter financial results, with revenue standing at Yuan2.5bn, up 26.4% year on year, and net profit of Yuan241m surging 375.5% above the previous year’s period. As of the end of March, the company held Yuan2.5bn in cash reserves.

“Solid cashflow and surging profit give Antong room to invest,” said Huayuan Securities analyst Sun Yan.

The investment plan was announced shortly after Antong terminated a major asset restructuring. On May 27, the company said it terminated the acquisition of 100% equity in Sinotrans Container Lines, an intra-Asia box carrier, and 70% equity in China Merchants Energy Shipping Roro, a car shipping specialist. The termination was attributed to disagreements over transaction terms and changing market conditions affecting both targets.

As a key player in China’s domestic container logistics, Antong handled 2.91m billed teu in 2024, up 10.85% year on year. Its total container throughput rose by 14.99% to 15.8m teu.

Sun said the easing of US-China trade tensions has boosted transpacific volumes, drawing capacity back to international routes. At the same time, slower newbuilding deliveries have helped ease supply pressure in China’s coastal shipping market. He said the domestic container segment still had room for growth.

A professor at the University of International Business and Economics said shifting from exports to the domestic market was a pragmatic fallback strategy amid uncertainty in US-China relations.

By the end of 2024, Antong operated 43 outlets nationwide, serving 161 ports. It ranked among the top three in container volume across 95 important Chinese ports and runs 34 domestic routes covering key coastal terminals.