Chongqing Chuanjiang Shipping seeks new investors after owners commit suicide

Chongqing Chuanjiang Shipping seeks new investors after owners commit suicide

Shanghai: Chongqing Chuanjiang Shipping, one of the leading container shipping companies on the Yangtze River, is looking for new investors to save the company following the suicide of Wang Yuewen and Ren Zhonghui, the founders and the only two shareholders of the company.

Zhou Zongkui, a vice general manager of Chongqing Chuanjiang Shipping, told Chongqing local media that the company has around RMB1bn ($161m) debts and it is looking for new investors to restructure the company.

Chongqing Chuanjiang Shipping operates a fleet of 66 feeder cargo vessels with a total capacity of 382,000dwt and 20 container trucks.

“Now the company doesn’t have any money, and our basic operation expenditure plus loan interests every month is about RMB25m ($4.02m) in total. We have to go to liquidation if there’s no investors,” Zhou said.

Currently seven senior managers have established a committee to manage the company.

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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