Sinopacific seeks to reassure Western customers

Chinese shipbuilder Sinopacific will hold a meeting next week in Hamburg to assure its Western customers that it can deliver ordered vessels, the Financial Times reported. The meeting was called in reaction to speculation that the Shanghai-based company may not survive the current credit crunch and slowdown in the shipping industry. "Sinopacific does not have problems in delivery, and there are no problems in our financial area," the company said in an announcement. Sinopacific has been one of the sector’s fastest-growing companies, though analysts have projected foreclosures at Chinese shipyards due to the economic downturn.