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]
Zhongchang Marine cuts bulker order