Local media reported that tens of thousands of containers transported on Nan Tsing’s 40 over ships have been detained at the ports, and cargo owners have been coming forward to pay to get their goods out.
At Shanghai Yidong Container Terminal alone, 1,367 containers from Nan Tsing’s ships have been detained following an order by a Shanghai court on 2 September.
Late last month, news of Nan Tsing struggling with debts circulated in the local press, and unconfirmed reports said the company’s ships had been detained.
Established in 1998, Nan Tsing was one of China’s largest domestic container carriers. But the tough shipping market over the last seven years after the 2008 global financial crisis impacted the company, burdening it with debts amid a difficult business environment.
Nan Tsing has set up a liquidation team to evaluate the assets of the company.
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