Chinese domestic bulk shipping operator CSC Phoenix has announced a plan to acquire two 50,000 dwt bulk carriers.
CSC Phoenix said the deal will help the company maintain its domestic water transport certificate and solve capacity shortage issues. It expects to complete the deal in the first half of this year.
CSC Phoenix has experienced a series of frustrations in the past few years. In 2015, state run logistics and shipping giant Sinotrans & CSC sold all its shares in CSC Phoenix to Tianjin Shunhang Shipping, which planned to restructure CSC Phoenix into a dredging company and sold most of the company’s bulker fleet.
The restructuring failed in 2016 and Shunhang Shipping was seeking an exit from the company by reaching an agreement with Guandong Wenhua Furui to sell all its shares in CSC Phoenix.
However, the share transfer deal fell through in 2017 and the two parties involved in the deal entered into a legal battle due to financial disputes over the deal.
According to VesselsValue, CSC Phoenix currently has just one bulk carrier in its fleet.