ContainersFinance and InsuranceGreater China

Antong Holdings secures $688m for restructuring

Financially troubled Chinese containership operator Antong Holdings has secured restructuring funds of RMB4.527bn ($688m) from investors.

Fujian Zhaohang Logistics Management, the new controller of the company, replenished RMB1.35bn into Antong and the remaining RMB3.17bn was invested by a further 12 financial investors.

Antong entered into court-led restructuring in March. Last month, the company’s administrators signed with Fujian Zhaohang Logistics Management, a joint venture between China Merchants Port Holdings (CMPH) and AVIC Trust, to conduct a restructuring.

Antong Holdings, founded by the Guo brothers, currently operates a fleet of 116 ships with a total capacity of around 160,000 teu making it China’s second largest domestic container operator behind Zhonggu Logistics.

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.
Back to top button