Chinese bulker owner Fujian Guohang is mortgaging an elderly handymax bulker from its fleet to raise cash for working capital.
The financing move comes after the company's stock has spent six months in an unexplained suspension from trading.
The Shanghai-based owner is applying to the Fujian branch of the Export-Import Bank of China (CExim) for a CNY 55m loan secured by the 47,200-dwt Guo Yuan 7 (ex Selendang Nilam, built 1997).
