The company is the latest state-owned enterprise to increase local investors' short-term debt to help with the costs of restarting business.

The lending of the firm will mature in 270 days with a set yield of 2.2%.

The National Shipbuilding Industry's China Association said last month that it is likely to push back more than 200 ship deliveries under reconstruction or retrofitting.

China is accepted as the biggest shipbuilder in the world with over 960 vessels scheduled to be launched this year.

“The money will be used to replenish the working capital of group firms who need the funds to help contain the virus outbreak,” China State Shipbuilding stated.

Maritime Business World