A court in Fujian has ruled to liquidate defunct Fujian Crown Sea Shipping, along with its subsidiary Fujian Crown Ocean Shipbuilding.
Fujian Crown Sea Shipping was once a major private bulk shipping company in Fujian province, but it has been suffering from financial difficulties and been involved in a series of debt disputes since 2015. The company’s entire fleet have been sold by the court.
Its subsidiary shipyard Fujian Crown Ocean Shipbuilding suspended operations in November 2015.
Fujian Shipbuilding Industry Group signed a framework agreement with Crown Sea in 2015 to restructure Crown Ocean Shipbuilding. However, the deal fell through eventually.
The first creditor’s meeting of the company is scheduled on October 16.