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.