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Sinotrans-CSC Phoenix specialised cargo department management resign enmasse

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Sinotrans-CSC Phoenix announced that, the company had received resignations letters from all eight management members of its specialised cargo department, bringing uncertainty the company’s operations.

The company has set up a transition team to take over the operation of its specialised cargo department and handle the emergency situation. The company has a fleet of 11 specialized cargo vessels fleet.

“The eight management members of the department are all we have for specialised cargo transportation and fleet management. The specialized cargo business is still here, but it is not the right time to talk about our further plans on it,” an official from the company said to Seatrade Maritime News. The official declined to give a reason for the mass staff resignation.

The annual revenue of specialised cargo department in 2017 was RMB22.21m, the annual net margin was approximately RMB4.59m.

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Earlier in June this year, 42 staff from ocean shipping department of the company resigned leaving just seven staff in the department.

In the third quarter of 2018, the company reported a RMB8.m net margin, declining 44.32% year-on-year. Three major reasons for its poor performance were a smaller fleet capacity, low profits from shipping business and no renewal of ship leasing contracts.

Due to three years consecutive loss, Sinotrans-CSC Phoenix went bankrupt in 2013 and suspended stock trading in May 2014. Following a restructuring, the company achieved RMB224m operating profits at the end of 2014 and resumed stock trading in December 2015.

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