Chinese dry bulk operator Zhongchang Marine has lost a court case regarding a debt dispute with its creditor Shanghai AJ Trust & Investment.
AJ Trust filed a lawsuit at Shanghai Financial Court against Zhongchang Marine after the company was unable to fulfil its obligations to repay a loan.
The court has ruled Zhongchang Marine to repay RMB137m ($20.3m) plus RMB4.43m of interest. If Zhongchang Marine doesn’t make the debt repayment in time, AJ Trust is entitled to seize property belonging to Zhongchang Marine for sale by auction.
VesselsValue data shows Zhongchang Marine currently owns a fleet of 10 vessels, made up of eight bulk carriers and two tankers.