Greater ChinaShipyards

Guoyu Group reports $75m overdue loan

Shipping and shipbuilding group Wuhan Guoyu Group has announced that the company and its subsidiaries currently have overdue loans totalling of RMB486m ($75m).

The company admits that it is facing financial difficulties due to weak demand in both the shipping and shipbuilding markets and it is currently in negotiations with banks to extend the loans.

Guoyu Group controls Yangzhou Guoyu Shipyard, and operates a shipping fleet of more than 30 vessels comprising of bulkers, containerships and LPG carriers.

Yangzhou Guoyu Shipyard was involved in a salary dispute with its employees due to the yard’s financial difficulties in January. It has also suffered with the cancellation of five handysize bulkers from Singapore owner Pioneer Marine in March.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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