CSC Phoenix still under siege

Shanghai: As year end approaches financially troubled CSC Phoenix is making a last effort to restructure the company. However, the company has received notices from four shipping companies including Passat Shipping, Golf Shipping, Polo Shipping and Phaeton Shipping asking it to pay default penalties for the termination of vessel chartering contracts for four 92,500 dwt vessels.

CSC Phoenix terminated the chartering contracts this year as it was unable to pay.

CSC Phoenix said the parent company CSC Sinotrans has paid the relevant penalties according to the standby charting contracts it signed with the four shipping companies, and that the company has suffered a total loss of $64.5m under the chartering contracts. [24/12/13]

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