Having disappeared from view for more than a month Raymond Chen has returned to work at China United Lines (CULines).
Chen, the chairman and CEO of the Chinese carrier, had reportedly been apprehended by Chinese authorities in June, but yesterday he was back at work chairing a management conference. The company stressed yesterday that it was financially secure and would proceed with its newbuild program and focus on the intra-Asia trades.
The company was one of the fastest-growing new names in liner shipping to emerge this decade but over the past 12 months it has withdrawn a great deal from the global stage.
According to data from Linerlytica CULines has recently withdrawn its last two ships on the Asia-Mediterranean and Asia-US west coast routes. Its fleet has shrunk by two-thirds over the past 12 months to just 30,700 teu. CULines also has six ships on order totalling 24,200 teu.
The company ditched plans for an initial public offering earlier this year. It was also hit with a $67m penalty last December when it terminated the charters of 12 vessels early.
