Greater China

CSC Phoenix disposes of vessel under construction

Shanghai: CSC Phoenix has announced that its subsidiary, Changjiang Transport Technology, has signed an agreement to transfer the ownership of the vessel “Chang Shou Hai” to Zhejiang Changhong Shipbuilding, where the vessel is currently under construction, in order to ease its debt crisis.

Changjiang Transport Technology ordered the vessel in 2010 with a signing price of RMB94.7m, and it has sold to ship to the shipyard for RMB57.52m as it has been unable to make further payment after a pre-payment of RMB40m.

After the transfer is completed, Changhong Shipbuilding will lease the vessel to Changjiang Transport Technology for one year. [09/09/13]

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