Missing shipowners, a white knight reportedly detained by Beijing police and an abandoned African timber deal have all featured in recent Chinese shipping disasters, as the country’s slowest economic growth in a quarter-century sinks Chinese shipbuilders and their clients at an alarming rate.
In a bid to contain the damage, government official have urged the country’s two largest private shipbuilders to discuss a potential merger.
Earlier this week, Singapore-listed Yangzijiang Shipbuilding said it had been asked by Chinese government agencies to consider taking a stake in China Rongsheng Heavy Industries, a smaller rival that last year restructured debts totalling more than Rmb10bn ($1.6bn).
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