CSC Phoenix transfers ship assets and liabilities

Beijing: CSC Phoenix has announced on Wednesday that it will transfer nine 58000dwt vessels and four 45000dwt vessels as well as RMB3.307bn liabilities to joint transferee China Changjiang National Shipping Co and Shanghai Changhang Shipping Co. Both of them are controlled by Sinotrans & CSC Holdings Co.

According to the agreement, the transaction amount of the deal is zero as the joint transferee will undertake the liabilities, and CSC Phoenix has the priority in leasing and purchasing these vessels in the future.

CSC Phoenix said the deal would help the company ease financial difficulties and pressure from liabilities, and reduce risk.[30/08/12]

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