DCC Bulk Transport, a Singapore-based chartered bulker operator set up by the Halkiases, a Greek shipowning family, is being liquidated, less than two years since the company started operations.
According to information from the Accounting and Corporate Regulatory Authority of Singapore, the status of the company is in a compulsory winding up and a liquidator was appointed last month.
DCC Bulk Transport was rebranded from the Singapore branch of the Halkias family’s Meandros Line and started operations in December 2016. The company operates chartered-in tonnage.
The Halkias family made a decision to get back into bulk shipping sector again in 2016 after it exited bulker shipping and switched its focus to tankers in late 2014.
In April last year, DCC Bulk Transport tripled its fleet to 18 vessels from six vessels after it inked a strategic deal with a major European pension fund. The company’s fleet was made up of handymaxes and ultramaxes.
In a statement, DCC cited the market recession and cash flow issues as the main reasons for the liquidation.