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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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