Greater ChinaTankers

Agritrade Resources faces wind up petition

Hong Kong-listed Agritrade Resources has announced that the company has received two petitions, filed by two creditors at the Supreme Court of Bermuda, to wind up the company.

The creditors, TA Genco and TA Private Debt III, claimed that Agritrade has failed to repay $50.77m and $152.4m of monies owed to them respectively.

The summons will be heard at the court on May 20, and in the meantime Agritrade said it is seeking legal advice on the matter.

Agritrade mainly engages in energy trading and shipping. Its shipping subsidiary Sea Oriental Lines currently has one tanker, Sea Longitude, in its fleet after the company sold off its VLCCs over the past two years.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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