A big name in Chinese chartering has issued a note to clients trying to damp down rumours over its financial position. Sinoriches Enterprises, a significant name in handy and panamax bulker chartering, has admitted it has been suffering cash flow problems however it claims to have reached a deal with Jin Ma Capital whereby the financial institution will pump $15m into Sinoriches by the end of June this year.
Sinoriches was founded in 2002 with offices in Hong Kong, Dalian and Shanghai. It started out as a freight forwarder before moving into the time chartering market in 2006. It has grown fast, taking on more than 200 ships. As well as general cargoes and steel, Sinoriches has focused on the grain trades. In 2015, it carried 3m tonnes of soya bean imports in China.