Chinese dry bulk operator Deqin to sell off entire fleet

Chinese dry bulk operator Deqin to sell off entire fleet

Chinese domestic dry bulk shipping operator Deqin Group has released a notice to look for new investors to takeover and restructure the company.

Zhoushan-based Deqin Group has been suffering from a debt crisis for the past few years, having started an unsuccessful restructuring in 2014.

According to the notice, the company is now trying to sell all its assets including 19 bulk carriers with total capacity of around 445,400dwt, land properties and its office building.

All the proceeds from the asset sale will be used for debt repayment.

The interested investors are required to submit a takeover plan and pay a fund guarantee of RMB10m ($1.45m) to the group before a deadline of May 15.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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