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CIMC secures $2.9bn credit line

CHINA International Marine Containers, the world’s largest container maker, has secured a Yuan20bn ($2.9bn) credit line from China Construction Bank. CIMC has been badly hit by the downturn in the container shipping market and suspended production of new boxes after failing to win any container orders since last October. The firm reported a 19.5% slump in net profit to Yuan825m for the first six months this year, down from more than Yuan1bn in the same period last year, while revenue crashed 68.7% to Yuan9.4bn. Up to the end of June the firm had cash at the bank and on hand of Yuan750.3m, although it also had short-term loan liabilities of Yuan236.6m.

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