Court to liquidate Fujian Crown Sea Shipping

Court to liquidate Fujian Crown Sea Shipping

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.

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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