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Zhejiang Shipping Group receives cash aid from parent firm

Zhejiang Shipping Group receives cash aid from parent firm
China’s state-owned Zhejiang Shipping Group has received a cash injection from its parent firm Zhejiang Communications Investment Group to help strengthen the shipowner’s finances.

Zhejiang Shipping announced on its website that the financial aid has helped to boost the company's registered capital to RMB3.27bn ($475.3m). The amount of cash injection was not specify.

Zhejiang Shipping completed a restructuring in 2016, and during the process it streamlined its business and downsize its fleet to 24 bulk carriers with a total capacity of 1.05m dwt.

Wenzhou Shipping, Taizhou Shipping and Wuzhou Shipbuilding, all subsidiaries of Zhejiang Shipping, have been liquidated over the course of late 2015 to 2016.

“For 2017, Zhejiang Shipping has set itself a target of returning to profitability,” the company stated.