Debt-Laden Bulk Shipper to be Liquidated
A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co Ltd to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers. The unit, whose Chinese name is translated as Chang Jiang Jiaotong Keji, is unable to pay its debt or stay solvent, prompting three of its creditors to apply to the Wuhan intermediate court to liquidate its assets, Chang Jiang Shipping said in a filing on the Shenzhen stock exchange. The unit, in which Chang Jiang Shipping owns an 89 percent stake, has ceased to operate. China's shipping sector has been plagued by overcapacity since the global financial crisis because new vessels ordered before the downturn have flooded the market.
Chang Jiang Shipping Faces Asset Liquidation
A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co. Ltd. to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers. The unit, whose Chinese name is translated as Chang Jiang Jiaotong Keji, is unable to pay its debt or stay solvent, prompting three of its creditors to apply to the Wuhan intermediate court to liquidate its assets, Chang Jiang Shipping said in a filing on the Shenzhen stock exchange. The unit, in which Chang Jiang Shipping owns an 89 percent stake, has ceased to operate. China's shipping sector has been plagued by overcapacity since the global financial crisis because new vessels ordered before the downturn have flooded the market.
GL Contracts 60th Ship with Chinese Yard
A 19,800 dwt stainless steel chemical tanker vessel is the 60th ship being built with Germanischer Lloyd class at Qingshan Shipyard. The 10th anniversary of close cooperation between Qingshan Shipyard and Germanischer Lloyd is being celebrated on August 3 with a ceremony attended by more than 100 guests. Participants include the President of Chang Jiang Shipping Group Liu Xihan, the Vice Governor of Hubei Province Li Chunming, the Vice Mayor of Wuhan City Yue Yong and other representatives of local government and authorities. 27 vessels have been delivered since 1996, 33 ships are under construction and on order. In total, more than 750,000 dwt have been constructed with GL class at Qingshan Shipyard. Qingshan Shipyard has 3,800 employees and is located at the Yangzi River in Wuhan.
