The shipping unit of Chinese steelmaker, Jiangsu Shagang
Group, is the latest among a considerable number of Chinese maritime
firms that have postponed payments to foreign shipowners in the past
year, Reuters reports.Shagang Shipping has for months delayed payments for the use of a
large iron ore carrier owned by Diana Shipping resulting in more than $3 million in outstanding debt. This is also the longest recorded period
without payment.According to a senior Shagang Shipping official the company owes
Diana Shipping money but not as much as $3 million. He however added
that the company intends to pay but extra time is needed to obtain the
necessary financing.
WORLD SHIPPING
05 January 2012 - 23:27
China: Shagang Shipping Delays Payment to Foreign Shipowner
The shipping unit of Chinese steelmaker, Jiangsu Shagang Group, is the latest among a considerable number of Chinese maritime firms that have postponed payments to foreign shipowners in the past year, Reuters reports.
WORLD SHIPPING
05 January 2012 - 23:27
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