Zhejiang Shipping gets cash injection

Zhejiang Shipping gets cash injection

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts