Phoenix Shipping extends vessel lease guarantee to 2030

Phoenix Shipping announced its board approved a guarantee for the lease of the "Shunhua" vessel by wholly-owned subsidiary Shanghai Huatai Marine Co., which sub-leases it to Ningbo Changhang New Phoenix Logistics Co.

The lease term has been extended from December 2029 to September 2030, with monthly rent increasing from 420,000 yuan to 445,000 yuan from August 1. The guarantee covers 30 million yuan in rent, interest and related fees.