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More Taizhou companies mortgage vessels for loans

6 June 2012
According to Taizhou Maritime Safety Authorities, the number of shipping companies registered with them and using their vessels to secure bank loans has more than doubled in the first five months of this year. Thirty-eight companies have registered with the local MSA to use their vessels as collateral, while another 38 have applied. So far, Rmb439m-worth of assets have been secured, compared with Rmb158m over the same period last year.

Due to tightening credit conditions, many shipping companies, already suffering a sharp downturn in business, have had to resort to mortgaging their vessels to obtain operating loans.

Taizhou is located in Jiangsu province and has been an important Yangtze port for more than a century.

     
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