Chinese dry bulk transportation companies Sinotrans & CSC Phoenix have announced that parent company Tianjin Shunhang Shipping has applied for liquidation due to debt issues.
Sinotrans Shipping, a subsidiary of the state-owned enterprise Sinotrans & CSC, announced shareholders will vote on its privatization plans a in December.
Sinotrans Shipping is continuing to shed assets, divesting the 2010-built 57,065 dwt handymax Da Cheng for RMB84.3m ($13.3m).
Qingshan Shipyard, a subsidiary of state-owned Sinotrans & CSC with more than 60 years of history, has confirmed a plan to cease its core shipbuilding business due to the protracted industry recession, reports said.
China Merchants Group and Sinotrans & CSC Group have completed a strategic reorganisation with the latter becoming a wholly-owned subsidiary of the former.
Eleven international major carriers have complied with Chinese authorities’ request to lower terminal handling charges so as to reflect the present market conditions, and potentially allow the import and export enterprises to save around RMB3.5bn ($508m).
Sinotrans Shipping has warned investors of a wider net loss for the financial 2016 compared to the deficit recorded in 2015 due to the continuing sluggish shipping market.
Changjiang Ship Design Institute and Kunlun Energy & CSC (Wuhan) Natural Gas, both subsidiaries of China’s Sinotrans & CSC Holdings, have inked a strategic collaboration on developing green shipping along the Yangtze River.
Singapore’s Ezion Holdings has made an official entry into the China offshore windfarm market with the establishment of Sinomarine & Teras (Tianjin Offshore Co) with China’s Sinotrans & CSC Holdings.