A second major Chinese shipping firm has halted payments to foreign ship owners because of the severe downturn in the freight market, further straining China’s relationship within the global maritime community.
Grand China Logistics, a unit of HNA Group, has withheld payment for months to dry bulk firm Golden Ocean and others without any clear explanation, an industry executive said on Thursday.
The dispute reignites industry concerns over the stability of contracts with Chinese maritime firms, after COSCO Holdings’ earlier this year halted payments to ship owners to renegotiate better terms.
http://in.reuters.com/article/2011/11/17/idINIndia-60576520111117