Credit Rating Notification
Oriental Jincheng Debt Tracking Rating No. [2026] 0034
Nanjing Shenghang Shipping Co., Ltd.:
Oriental Jincheng International Credit Rating Co., Ltd. conducted a tracking rating of your company and the "Shenghang Convertible Bond" as per the tracking rating arrangement. The credit rating committee has determined that the company's subject credit rating remains at AA- with a stable outlook, and the credit rating of the "Shenghang Convertible Bond" is also maintained at AA-.
Oriental Jincheng International Credit Rating Co., Ltd. Credit Rating Committee Chairman
June 2, 2026
Subject Credit Tracking Rating Results
| Tracking Rating Date | Last Rating Result | Rating Leader | Team Members |
|---|---|---|---|
| 2026/6/2 | AA-/Stable | Wu Malan | Zhu Tianming |
Debt Credit Rating Model
| Debt Item Name | Tracking Rating Result | Last Rating Result |
|---|---|---|
| Shenghang Convertible Bond | AA- | AA- |
Note: For detailed information on related debt items and their historical rating information, please refer to the section "Related Debt Item Information" below.
Key Indicators and Basis
| Indicator | Weight (%) | Score |
|---|---|---|
| Business Scale | 20.00 | 9.70 |
| Market Competitiveness | 20.00 | 12.00 |
| Diversity | 10.00 | 3.00 |
| Profitability | 8.00 | 8.00 |
| Return on Assets | 7.00 | 4.74 |
| Debt Burden and Coverage | 10.00 | 8.31 |
| Operating Cash Flow / Current Liabilities | 7.00 | 7.00 |
| EBITDA / Interest Expense | 9.00 | 6.27 |
| Total Debt / EBITDA | 9.00 | 7.02 |
| Adjustment Factors | None | |
| Individual Credit Status | aa- | |
| External Support | None | |
| Model Result | AA- |
Note: The final rating result is determined by the credit rating committee based on the model output through voting, which may differ from the model output.
Company Overview
Nanjing Shenghang Shipping Co., Ltd. (hereinafter referred to as "Shenghang" or "the Company") primarily engages in the transportation of liquid chemicals and refined oil by water, both domestically and internationally, along the Yangtze River and coastal areas. The company's controlling shareholder is Wanda Holdings Group Co., Ltd., with the actual controller being individual Shang Jiyong.
Rating Opinion:
Shenghang is one of China's liquid chemical shipping companies. During the tracking period, the company's total shipping capacity continued to grow, maintaining strong market competitiveness. The freight volume increased, providing support for revenue and profit, with a stable gross profit margin. The company has a diverse range of transported goods and stable long-term customers. However, Oriental Jincheng noted that due to the petrochemical industry's downturn, fluctuations in chemical product prices, maintenance of refining facilities, adverse weather, and cost transmission from customers, the company's single-vessel freight turnover and freight rates decreased during the tracking period, leading to declines in both revenue and total profit for 2025. The company has a large asset scale, with average asset liquidity, and faces significant short-term debt repayment pressure.
In summary, Oriental Jincheng maintains the company's subject credit rating at AA- with a stable outlook, and the credit rating of the "Shenghang Convertible Bond" is also maintained at AA-.