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Winland Ocean Shipping files for bankruptcy

China’s Winland Ocean Shipping Corp has filed for Chapter 11 bankruptcy protection last week in the US, reports said.

Lee Hong Liang, Asia Correspondent

February 18, 2015

1 Min Read

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The Dalian-based dry bulk shipowner, together with five of its subsidiaries, would need to restructure its debt amounting to around $48m.

The move to file for bankruptcy protection came after two of the company’s ships were arrested in Singapore and China late last year over unpaid loans, Bloomberg reported. Winland was reportedly left with one vessel in operation.

In 2014, Winland registered a net loss of approximately $8m and a revenue of $12.6m.

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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