Dry CargoGreater China

CSC Phoenix to offload shares in logistics venture

Chinese dry bulk shipping operator CSC Phoenix has announced a plan to sell its entire 28% stake in Chongqing Xingang Changlong Logistics.

The company has appointed a financial agency to evaluate the sale and list them for sale on an equity exchange.

CSC Phoenix said the sale will help the company to improve cash flow.

Tianjin Shunhang Shipping, the controlling shareholder of CSC Phoenix, filed for bankruptcy this month, and is currently in a liquidation process. The first creditor’s meeting is scheduled at June 25 by a court in Tianjin.

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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