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Wenzhou Shipping declared bankrupt by Chinese court

A Chinese court has liquidated dry bulk firm Wenzhou Shipping, subsidiary of Zhejiang Shipping Group, on the back of mounting debts.

Lee Hong Liang, Asia Correspondent

October 21, 2016

1 Min Read

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Zhejiang Wenzhou Intermediate People’s Court announced this week that Wenzhou Shipping’s assets will be liquidated, after its parent firm applied to the court for bankruptcy protection, a Wenzhou media agency reported.

In April this year, Zhejiang Shipping had alerted that two of its subsidiaries, Wenzhou Shipping and Taizhou Shipping, were dogged by debts including overdued financial leasing repayments totalling RMB36.62m ($5.43m).

Wuzhou Shipyard, another subsidiary of Zhejiang Shipping Group, was declared bankrupt in December 2015.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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