CSC Phoenix plans bulker acquisition

CSC Phoenix plans bulker acquisition

Chinese domestic bulk shipping company CSC Phoenix has announced a plan to acquire a bulk carrier in order to solve its capacity shortage issues.

The company is currently looking for a less-than-20-year-old bulker with capacity around 50,000 dwt.

CSC Phoenix has been facing the capacity shortage since last year after its former owner Sinotrans & CSC refused to extend the charter of 13 bulkers to the company. Since then, CSC Phoenix acquired three secondhand handysize bulkers including two from Minsheng Bank and one from Shanghai Haiyu Shipping.

Additionally, the company has sold an old panamax bulker to scrap in May.

Currently CSC Phoenix’s controlling shareholder, Tianjin Shunhang Shipping, in the middle of a liquidation process due to a debt crisis.

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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