Zhongchang Marine to borrow $48.3m

Zhongchang Marine to borrow $48.3m

Shanghai: Shanghai-listed domestic dry bulk shipping company Zhongchang Marine has said that it plans to borrow RMB300m ($48.3M) from Shanghai Taici Investment over a period of six months. The loan will be used to replenish working capital.

The company also applied with China Securities Regulatory Commission in April to issue new shares to raise funds. The application is currently pending approval.

Zhongchang Marine is expected to register a second consecutive loss of RMB81.24m ($13.1m) for the year 2014, following an RMB81.2m ($13.08m) loss in 2013. According to local stock exchange rules, the company’s stock will be facing trading limitations.

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.

Related Posts