Dry bulk operator Tranvast Holdings shuts down

Dry bulk operator Tranvast Holdings shuts down

Nanjing-based dry bulk shipping company Tranvast Holdings has made an announcement that the company has closed operations and will soon be dissolved.

The company has started severance work for the employees.

A source close to the company told Splash that the company has been suffering from debt issues and unable to pay vessel chartering fees and employee salaries.

Tranvast Holdings was established in 2007 by former executives from Nanjing Ocean Shipping, and mainly operates on chartered vessels. It controls a fleet of 25 vessels with a total capacity of 450,000dwt, with eight of the 25 vessels owned.

Zhejiang Ocean Shipping (Zosco), a major state-run dry bulk shipping company in Zhejiang, went bankrupt in October and another bulk shipping operator Zhongchang Marine, also disposed of its shipping assets and switched its focus into the IT business.

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.

Related Posts