Zhongchang Marine seeks further financial support from shareholder

Shanghai: The financial-troubled private bulk owner, Zhongchang Marine, has inked a three year loan agreement with the controlling-shareholder Sang Sheng Hong Ye to borrow RMB150m.

Due to the continued depressed shipping market cash flow of the company is tight, and the debt-to-asset ratio is as high as 86.38%.

Last December, the company had loaned RMB150m from Sang Sheng Hong Ye to support operations. [10/03/14]

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