Dry CargoGreater China

Zhejiang Shipping gets cash injection

Photo of Jason Jiang Jason JiangFebruary 8, 2017
25 Less than a minute

State-run Zhejiang Shipping has announced that its parent Zhejiang Communications Investment Group has replenished RMB2bn into the company, increasing its registered capital to RMB3.2bn ($465m).

Zhejiang Shipping said the injection is to help the company optimise its debt structure.

Zhejiang Shipping completed a restructuring in 2016, following a series of liquidations of its subsidiaries including Wenzhou Shipping, Taizhou Shipping and Wuzhou Shipbuilding.

According to the company, it has streamlined its business and downsized its fleet from 47 to 24 bulkers, and it has targeted a return to profit by the end of 2017.

Photo of Jason Jiang Jason JiangFebruary 8, 2017
25 Less than a minute
Photo of Jason Jiang

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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