Chinese shipping firm hit by rent default

Shenzhen-listed Chang Jiang Shipping Group Phoenix Co Ltd said on Tuesday that it has failed to pay rent on four of its containers ships.

The ships were taken on a 10-year lease from Golf Shipping SA, Polo Shipping SA, Passat Shipping SA and Phaeton Shipping SA. The company estimated that the rent defaults will result in audited losses of more than $65.4 million.

Chang Jiang shares have already been put under "special treatment" for continued losses in the past two financial years. The company might get de-listed if it fails to post a profit this year.