Greater ChinaShipyards

Yangzijiang offers reward to facilitate debt collection

Chinese private shipbuilding group Yangzijiang Shipbuilding has posted a reward in order to facilitate the collection of over RMB423.8m ($60.4m) of defaulted debt and relevant interest.

The shipbuilder has listed 29 debtors that owed money to the company and it is seeking companies or individuals to pursue the recovery of these debts. Yangzijiang is willing to offer 30% of recovered debt and 50% of recovered interest to anyone who helps recover the debt.

The shipyard has won all the court cases related to the debts on the list, however it still has been unable to recover them.

Yangzijiang Shipbuilding reported a net profit of $82.72m for the first quarter of this year, a year-on-year decline of 51%. It currently has 77 ships on its orderbook.

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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