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Chongqing Chuanjiang Shipping goes bankrupt

Chongqing Chuanjiang Shipping, one of the major Yangtze River shipping firms, has announced that it has gone into bankruptcy procedures due to debt issues.

The founders and only two shareholders of Chuanjiang Shipping, Wang Yuewen and Ren Zhonghui, committed suicide in July this year leaving around RMB1bn (($161m) debts.

The receiver of the company is looking for new investors to revive the company and has asked potential investors to submit restructuring plans before January 15.

According to the announcement, Chuanjiang Shipping now operates 56 feeder containerships, and has another 10 under construction.

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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