Greater China

CSC Phoenix to return 40 vessels

Shanghai: Financially troubled CSC Phoenix announced that it has received more civil rulings from Wuhan Maritime Court regarding a ship leasing contract dispute with ICBC Leasing.

The court has ordered CSC Phoenix to return 39 vessels to ICBC Leasing due to the company being unable to pay, meanwhile, CSC Phoenix has been asked to pay overdue chartering fees of RMB62.68m, compensation of RMB340m and relevant interest to ICBC Leasing.

CSC Phoenix said the return of the vessels will cause a RMB388m loss for the company.

In the meantime, CSC Phoenix has received a notice from German shipowner E.R. Schiffahrt that the shipowner has terminated a ship chartering contract it signed with CSC Phoenix and will take back the vessel “E.R. Beilun” after CSC Phoenix failed to pay the chartering fees.

CSC Phoenix estimates it will suffer more losses if E.R. Schiffahrt files a lawsuit against the company. [27/01/14]


ICBC Leasing asks CSC Phoenix to return 39 vessels

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