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DCL Investments takes over bankrupt Fenghai Shipping

Bankrupt Chinese liquid cargo shipping company Fenghai Shipping is being taken over by DCL Investments in a restructuring deal.

Fenghai Shipping, based in Dongguan, Guangdong province, is a leading private liquid cargo shipping company focused on domestic market. Fenghai held around 10% market share in domestic liquid chemical cargo transportation.

DCL Investments expects that the liquid chemical product shipping volume in coastal areas will greatly increase, which is its major reason for the company to invest in Fenghai Shipping.

DCL Investments plans to further expand fleet capacity of Fenghai shipping in the next five years via purchase the secondhand vessel or build new vessel to strengthen its position in domestic liquid chemical product transportation sector, said Zheng Hualing, chairman of DCL Investments.

Fenghai Shipping currently owns a fleet of 28 vessels, totaling in 298,700 dwt, including five oil tankers and 23 chemical product carriers. The company declared bankrupt in September 2018.

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