Dry CargoGreater China

Zhongchang Marine loses creditor court case

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.

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.
Back to top button