Charter contracts revised

GREAT China Holdings has announced that it has revised the annual ship-charter hire for the two vessels made to a subsidiary of its holding company.

The revised charters by two indirect subsidiaries for chartering a ship each to Great China's holding company will be US$687,652 and $714,357 from next month.

The previous hire charge was $525,000 for each vessel and the deals started in January and February last year.

The company said the reason for the revision was because it had to spend $800,000 to upgrade the chartered vessels at the request of the hirer.