Eastern China Ports at Standstill as Typhoon Muifa Closes In
Authorities in China's eastern province of Zhejiang ordered ships to return to port, told schools to close and evacuated tourists from nearby islands, as one of this year's strongest typhoons is set to make landfall on Wednesday.Typhoon Muifa intensified on Tuesday as it barreled towards the twin port cities of Ningbo and Zhoushan, which share the ranking of second-busiest port in China, in terms of cargo handled.State media said China's 12th cyclone of the year was expected to make landfall between the cities of Wenling and Zhoushan…
China Shipbuilder Seeks Bankruptcy Protection
"The company filed for bankruptcy in mid-June as it is unable to meet its debt obligations of over 300 million yuan ($47.1 million)," Yu Shengyue, director of No. 2 Civil Tribunal of the People's Court of Wenling county where the company is based, informed 'Global Times', . The major creditors include the local branches of Construction Bank of China, Agricultural Bank of China, Bank of China and Zhejiang Materials Industry Group Corp, a State-owned logistics company, according to Yu. "The debtor and the creditors are considering reorganization, because the shipbuilding industry is not in good shape and the outlook is not optimistic, either. The company still has a ship order to be delivered," he said.